Finland's state debt hits record high

11:02, October 21, 2010      

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Finland's state borrowing has hit an all-time high. The debt is now more than 70 billion euros, according to Finnish media reports on Wednesday.

Finland is able to borrow money at very low rates on the international market as it is considered one of the most fiscally trustworthy of the 16 eurozone states.

"At the moment we are paying interest costs of about 2.5 percent for 10-year loans," said Teppo Koivisto, the director of Finland's State Treasury.

Finland is now taking on new debt at a rate of 500 euros every other second. Finland's state debt is expected to keep growing in the coming years. By 2015 the country is forecast to owe about 115 billion euros.

"In practice this means that there is now about 13,000 euros of debt per citizen, and according to current estimates by 2015 that figure will be around 20,000 per citizen," Koivisto added.

Source: Xinhua


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