Austerity Bites

These people will never learn:

Official figures showed Monday that the debt burden of the 17 European Union countries that use the euro hit all-time highs at the end of the first quarter even after austerity measures were introduced to rebalance the governments’ books.

Eurostat, the EU’s statistics office, said government debt as a proportion of the total annual gross domestic product of the eurozone rose to a record 92.2 percent in the first quarter of 2013, from 90.6 percent the previous quarter and 88.2 percent in the same period a year ago.