Under the Stability and growth pact , agreed when the euro began in 1999 , member states are supposed to ensure their debt does not exceed 60 % of their GDP . Fourteen out of 27 European Union countries in the European Union had public debt exceeding 60 % of their GDP . Greece and Italy had debt exceeding 100 % of their GDP . The UK was at a similar level as Germany, but with much lower levels of debt.
Fourteen out of 27 European Union countries in the European Union had public debt exceeding 60 % of their GDP . Greece and Italy had debt exceeding 100 % of their GDP . The UK was at a similar level as Germany, but with much lower levels of debt.