The European Union will come out of the coronavirus crisis with 103-104 percent debt in the euro area, European Commissioner for Economy Paolo Gentiloni said on Friday
GENOA (Pakistan Point News / Sputnik - 04th December, 2020) The European Union will come out of the coronavirus crisis with 103-104 percent debt in the euro area, European Commissioner for Economy Paolo Gentiloni said on Friday.
The debt totaled 95.1 percent of the GDP in the euro area in the second quarter of 2020. At the end of the fourth quarter of 2019, it stood at 84.1 percent.
"Of course we will come out of this crisis with a higher level of debt. Our estimate is that the level of debt would be around 103-104 percent on average in the euro area in 2020 and in 2021, and of course we will have to discuss it," Gentiloni said at the MED 2020 virtual conference.
