Italian debt sets new record high

Eurozone debt up too

Italian debt sets new record high

(ANSA) - Rome, July 23 - Italy's debt to GDP ratio hit a new high in the first three months of this year, as government debt in the 17-country eurozone rose to a whopping 88.2% of GDP, Eurostat said on Monday. That is a significant increase for total eurozone debt in just one quarter, compared with the 87.3% debt level reported at the end of 2011, according to data released by the statistical agency of the European Union. In the first quarter, Italy's debt rose to 123.3% of GDP, second only to Greece, where levels reached 132.4%. Italy's debt levels showed a sizable increase over the 120.1% reported at the end of 2011. Such high debt levels, as a proportion of economic output, are likely to spook investors and financial markets already deeply worried about the European debt crisis.

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