Ireland's debts 'bigger than expected', says EU report

The European Union has said the debt loads of Ireland, Greece and Portugal will be much bigger than previously forecast, adding to fears that international bailouts are failing to solve the region’s crisis.

The European Union has said the debt loads of Ireland, Greece and Portugal will be much bigger than previously forecast, adding to fears that international bailouts are failing to solve the region’s crisis.

In its biannual economic forecast, the EU said that Ireland’s debt is expected to hit 112% of gross domestic product this year before rising to 117.9% in 2012. That is up from earlier forecasts of 107% and 114.3% respectively.

The EU report addes that Greece’s debt will reach 157.7% of economic output this year and jump to 166.1% in 2012. That is up from 150.2% and 156% forecast last autumn.

Portugal’s debt will likely stand at 101.7% of GDP in 2011 and increase to 107.4% next year. That is up from 88.8% and 92.4% previously.

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