Pan Pylas and Juergen Baetz
October 23, 2013
The eurozone’s debt burden rose further in the second quarter, official figures showed Wednesday, despite years of austerity that one prominent European Union economist says intensified the financial crisis.
Eurostat, the EU’s statistics office, said debt across the 17 countries that use the euro rose to 93.4 percent of the eurozone’s annual gross domestic product from 92.3 percent the previous quarter.
Though countries across the region, such as Greece and Spain, have made great strides in reducing their borrowing through spending cuts and tax increases, they’re still running budget deficits that add to their stockpile of debt.