It shows that Italy, Spain, France, Germany and the euro zone as a while have great gross debt than before the crisis. The deficits in 2015 are projected to be larger than in 2007, though Germany is close, with a balanced budget.
That said, the deficit have all been reduced from the crisis peak. Yet, the deficits in France and Spain are anticipated to still be larger than the EU agreements of 3% next year. The debt to GDP ratios remain well above the 60% threshold and outside of Germany, there does not appear to be progress yet in reducing debt burden.
This piece is cross-posted from Marc to Market with permission.