Malta's National debt at 75% of GDP

Statistical data published by Eurostat earlier today, puts Malta's national debt at 75% of GDP. These figures refer to the first quarter of 2012, Compared to the same period last year there is an increase od 4.5%, up from 70.5% to 75% of GDP.

These figures could be far higher when the half-yearly statistics are in. The PL has been warning the government of its money no problem attitude and the results are a clear proof that the Finance Minister and indeed, GonziPN is not running the country's finances wisely.

In the last budget, Dr. Tonio Fenech that during this financial year, Malta would reduce its debt to around 69% of GPD. The performance of this goverment is clearly to the detriment of the Maltese. The uncertainty and instability being created by Gonzi's obsession to remain in power for as long as possible is harming the nation.

The Maltese cannot keep suffering for the whims of GonziPN and the people at the helm would have to answer personally for the damage being done to the country as a whole.

Earlier maltastar.com published the following:

At the end of the first quarter of 2012, the government debt to GDP ratio  in the euro area (EA17) stood at 88.2%, compared with 87.3% at the end of the fourth quarter of 2011. In the EU27 the ratio increased from 82.5% to 83.4%. Compared with the first quarter of 2011, the government debt to GDP ratio rose in both the euro area (from 86.2% to 88.2%) and the EU27 (from 80.4% to 83.4%).

At the end of the first quarter of 2012, securities other than shares accounted for 78.3% of euro area and 79.3% of EU27 general government debt. Loans made up 17.8% of euro area and 15.6% of EU27 government debt. Currency and deposits represented 2.8% of euro area and 3.8% of EU27 government debt.

Due to the involvement of EU governments in financial assistance to certain Member States, and in order to obtain a more complete picture of the evolution of government debt, quarterly data on intergovernmental lending (IGL) is also published. The share of IGL in GDP at the end of the first quarter of 2012 is similar for both the euro area and the EU27, amounting to 1.2% and 0.9% of GDP respectively.