Debt at record high in Europe

Government debt in the eurozone has surged to the highest levels since the introduction of the single currency, underscoring the challenges still confronting the 19-nation bloc as it wrestles with Greece over new aid payments.

Greece’s debt pile swelled to a new high of 177.1% of GDP at the end of 2014, up from 175% a year earlier, the European Union’s statistics office in Luxembourg said yesterday. For the eurozone as a whole, government debt rose to a record 91.9% of GDP last year from 90.9% in 2013.

The figures give added impetus to European leaders’ demands that Greece revamp its economy before receiving further bailout support.