How much we owe |
EUR mil. | Annual change |
|---|---|---|
| Annual debt increase | 3 382 | -84,1% |
| Total public debt (Maastricht debt) | 42 843 | 1,6% |
Public debt incurres whenever the state institutions or local administration spends more money than they collect on taxes from the citizens or gain from the sale of assets. When expenses are higher than revenues the deficit arises and it is covered by the government money derived from the sale of bonds. The new deficit increases the existing public debt.