Government guarantees seen at 15.4% of GDP in 2015

Cyprus’ government guarantees stood in 2015 at 15.4% of economic output and were together with those of Germany, the European Union’s fifth highest, the EU’s statistical office said.

All guarantees extended by the Cypriot government were described as one-off, linked to debt instruments such as bonds or loans, Eurostat said in a statement on its website on Monday. No data on non-performing loans related to loans guaranteed by the Cypriot government were provided.

Finland topped the list with total guarantees standing at 28.3% of gross domestic product followed by Greece with 27.8%, Austria with 22.9% and Malta with 16%, Eurostat said. Slovakia was the only EU country with no government guarantees, while of those who had, the Czech Republic and Romania had the smallest percentage with 0.3% and 0.5% respectively.

Also, Germany had the highest rate of liabilities of government controlled corporations not included in those of the government, with 110.4% of the economy followed by the Netherlands with 108.1% and Greece with 91.4%. Slovakia had the lowest rate of this type of liabilities followed by Lithuania with 6.9% and Estonia with 8.7%. On Cyprus, no figures were available.

Source: Cyprus Mail