Greece: central gov't debt at $372 billion

Associated Press SHARE

ATHENS, Greece (AP) — Greece's Finance Ministry says the country's total central government debt stood at €303.5 billion ($372.67 billion) at the end of July 2012, up from €280.2 billion at the end of the first three months of this year.

The country has been struggling with a severe financial crisis since late 2009, and is dependent on international rescue loans from the International Monetary Fund and other European countries that use the euro. In return for billions of euros in loans, Greece has imposed stringent austerity measures in an effort to make its debt sustainable and allow it to return to borrowing on the market, from which it has been barred by sky-high interest rates.

The finance ministry released the figures Friday, which also showed that government debt hit its highest level — €367.9 billion — in the fourth quarter of 2011.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.