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Poland's debt climbs above €500bn as borrowing reaches record pace
['Jan Bolanowski', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Preliminary estimates suggest that the debt rose by a further 53.7 billion zloty in June, bringing the total to nearly 2.19 trillion zloty (€505 billion).
Poland's public debt, calculated under Eurostat's methodology, has therefore exceeded the 60% threshold which, under the Polish constitution, would oblige the government to introduce substantial spending cuts.
State Treasury debt exceeds 2.1 trillion zloty (€484 billion)The Ministry of Finance's figures on State Treasury debt are even more striking.
This debt is not identical to the EU's definition of public debt, but it makes up its largest component.
In May alone, it increased by 46.8 billion zloty (€10.8 billion), and since the beginning of the year it has risen by 183.7 billion zloty (€42.4 billion), or 9.4%.