IRELAND’S national debt has plummeted below the EU average, putting pressure on Finance Minister Paschal Donohoe to open his fiscal wallet.
Queries from Fine Gael TD Bernard Durkan reveal we have escaped the fiscal relegation zone we shared with Portugal, Greece and Spain.
Ireland is now in 13th place of 28 countries in the European league of borrowings.
Responding to Mr Durkan, the government revealed that Ireland’s debt, which is at 68 per cent of GDP, is sharply below the EU average of 81.6 per cent in 2017.
Greece is the most heavily indebted country at 198.6 per cent of GDP, while the nation with the lowest debt is Estonia at 9 per cent of GDP.
Ireland’s debt levels, by contrast are similar to Germany (64.1 per cent) and the Finns (61.4 per cent).
Despite getting a partial bailout from our UK neighbours during the fiscal crisis, our current GDP debt is 20 per cent lower than the…