According to the report, the gross debt of the State for 2011 amounted to 71,6% of GDP, from 61,5% in 2010. That is, it increased by ten whole units.
The increase in public debt last year is due, according to the Ministry, to the budget deficit, the very low economic growth and the financing of the needs of 2012.
According to the Ministry of Finance, "the issue that remains an insurmountable need is the return of the Republic of Cyprus to international markets", as "this is necessary", as he notes "for the refinancing of the existing public debt, even when zero fiscal deficit".
In terms of debt-to-GDP ratio, Cyprus is in a better position than the Eurozone average, but deviating from the Maastricht benchmark.
Source: onlycy.com
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