Brussels, October 22 - Last year, Italy's government debt reached almost 121% of GDP, the second highest in the Eurozone, the Eurostat agency said Monday. In 2011, Greece's total debt-to-GDP rose to 170.6%, making it the most indebted in Europe, the statistical agency said. Italy was far behind in second place, with 120.7% debt, slightly higher than the 119.2% ratio reported in 2010. Eurostat also noted that Italy cut its budget shortfall to 3.9% in 2011 from 4.5% in 2010. Following Italy in debt-to-GDP ratios was Portugal with 108.1%, Ireland at 106.4% and Belgium with debt reaching 97.8%. Among the most healthy economies was France with a debt of 86%, Germany was close behind at 80.5% and the lowest was Spain at 69.3%.