Greece is not an exception in EU with debt issues

Greece is not an exception in EU with debt issuesGreece is not alone among the European Union countries which have a problem with rising debt, recently released data has shown.

The EUobserver reported on Friday that with attention focused on Greece, the EU has said that the average deficit among its 27 members, had risen to an average of 6.8 percent of the gross domestic product, almost three times the average of 2008 when annual debt averaged 2.3 percent of the GDP.

Greece's task of reducing its debt to the target level set by the European Commission is greater than previously thought.

It had been reported that Government debt in Greece reached 13.6 percent of its annual gross domestic product in 2009. For several months, the widely circulated estimate had been that borrowing in Greece had reached 12.7 percent of the annual GDP.

Greece, which announced it would tap into international loans to help meet its obligations, had set 2012 as the year it could bring its debt in line with EU guidelines, which post the level at 3 percent.

Olli Rehn, EU economy commissioner, said in a statement that the most recent figures "underline the urgency to intensify the preparations of structural reforms and additional measures for the coming years."

It required about $13.3 billion to meet its obligations for another month, Greece has said. The European Union and the International Monetary Fund have assembled a loan package worth about $60 billion. (With Inputs from Agencies)