Between 2012 and 2014, the ratio between public debt and gross domestic product in Italy is set to rise from 127% to 135.2%. Only in 2015, if GDP starts to grow again, is the trend expected to reverse itself. According to European Commission estimates, which include contributions by member states to the ESM and EFSF funds and bilateral loans to countries in economic difficulty, the ratio for Italy is expected at 133.9% next year. According to Italian government estimates from September, it will reach 131.6% in 2014 and 133.4% in 2015. Between 2012 and 2013 the eurozone average has risen 2.3 percentage points to 95%. In 2013, the eurozone has reduced to five from six the number of countries with debt levels that are less than 60% of GDP. Between 2012 and 2013 among the so-called Piigs (eurozone countries with public accounts that are less than virtuous) the ratio has risen significantly in Greece (17.9 points to 175.1%), and by a lesser extent in Spain (7.9 points to 93.9%) and Ireland (6.3 points to 123.7%).
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