The total amount of debt being carried by eurozone governments has fallen for the first time since the financial crisis hit – that is nearly six years.<br /><br />The calculations are for the period between July and September 2013.<br /><br />They will be seized on by eurozone policy makers as another indication that their methods – spending cuts and tax increases – are helping the currency bloc to get over its sovereign debt crisis<br /><br />Of the top five, Greek – which needed two bailouts to avoid bankruptcy – saw the amount it owes rise to 171.8 percent of its gross domestic product.<br /><br />Italy’s debt burden declined to 132.9 percent, though it remains the region’s second highest. <br /><br />Portugal and Ireland fell to 128.7 percent of GDP and 124.8 percent respectively while Cyprus rose to 109.6 percent. <br /><br />The government in Lisbon hailed the fact that it enjoyed the biggest quarter-on-quarter fall in debt in the European Union – minus 2.4 percent of GDP. <br /><br />Portugal is set to be the next country to exit its bailout, perhaps as early as May. <br /><br />Europe’s three biggest economies – Germany, Britain and France – saw the amount they owe fall. <br /><br />But the level of debt in a majority of eurozone countries remains well above the European Union’s official limit of 60 percent of economic output.
