Eurozone debt burden hits all-time high in Q1

Official figures show that the debt burden of the 17 European Union countries that use the euro have hit all-time highs in the first quarter despite austerity measures designed to return public finances to health.

Eurostat, the EU's statistics office, on Monday said the government debt as a proportion of the total annual gross domestic product of the Eurozone pushed up to a record 92.2 per cent in the first quarter of 2013 from 90.6 per cent the previous quarter.

Though a number of countries are pushing through spending cuts and tax rises, many remain mired in recession - shrinking economies can make the debt dynamics look less favorable.

The highest debt-to-GDP ratio in the Eurozone was Greece's (160.5 per cent), followed by Italy (130.3 per cent).