In the same period, the average debt ratio rose from 66% to 87% in 2011 (Figure 2). For some euro area and EU countries (and also for Japan and the US) the deterioration has been even more pronounced.
Between 2007 and 2010 increases in debt ratios of 30% of GDP or more were recorded in Ireland, Greece, Latvia, Iceland, the UK, the US and Japan. Annual deficits larger than 7% of GDP have also been recorded in several countries including Greece, Spain, Portugal, the US and the UK.