June 16, 2020 / 12:50 PM / 23 days ago

Austria expects debt-to-GDP ratio of more than 90% this year, Kurz says

VIENNA, June 16 (Reuters) - Austria expects its debt to amount to more than 90% of its gross domestic product this year as it spends heavily on measures to keep the economy afloat during the coronavirus pandemic, Chancellor Sebastian Kurz said on Tuesday.

“Our debt-to-GDP ratio will of course increase massively this year. We expect a debt-to-GDP ratio of more than 90%. That is very high. It is slightly higher still than what we had after the financial crisis, when it was over 85%,” Kurz told a news conference, adding that the aim would be to reduce it later. (Reporting by Francois Murphy; Editing by Alex Richardson)

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