FT.com / Brussels - EU states given stark warning on debt levels:
"In a report published on Monday the Lisbon Council, a Brussels-based think-tank, recommends that EU governments cap expenditure at 2 percentage points below nominal GDP growth from 2011 onwards. The Commission identifies five countries as at particular risk – Greece, Ireland, Latvia, Spain and the UK – because their public finances will come under strain from large increases in pension and healthcare costs, and high deficits triggered by the financial crisis.
This is particularly the case for Greece, which faces the second-highest increase in age-related expenditure in the EU, while its high debt ratio adds to concerns on sustainability. Last week’s Commission forecast estimated that Greece’s public debt would hit 135.4 per cent of GDP in 2011, a level for which there is no precedent since the euro’s creation in 1999."
"In a report published on Monday the Lisbon Council, a Brussels-based think-tank, recommends that EU governments cap expenditure at 2 percentage points below nominal GDP growth from 2011 onwards. The Commission identifies five countries as at particular risk – Greece, Ireland, Latvia, Spain and the UK – because their public finances will come under strain from large increases in pension and healthcare costs, and high deficits triggered by the financial crisis.
This is particularly the case for Greece, which faces the second-highest increase in age-related expenditure in the EU, while its high debt ratio adds to concerns on sustainability. Last week’s Commission forecast estimated that Greece’s public debt would hit 135.4 per cent of GDP in 2011, a level for which there is no precedent since the euro’s creation in 1999."
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