Cyprus had the second-highestprivate debt to GDP ratio among European Union countries in 2013, according to the latest data released by Eurostat.
Private sector debt, consolidated (including non-financial corporations, households, non-profit institutions serving households) reached 344.8% of GDP, or €62,482 billion.
By comparison the private debt to GDP ratio stood at 331.4% in 2012 and 330.7% in 2011.
Luxembourg held the highest private sector debt ratio at 356.2% of GDP, or €161 billion. In third place after Cyprus was Ireland with 266.3% private debt to GDP.
According to the same data, the balance sheets of Cypriot banks shrunk by 19.5% in 2013 compared to the previous year.
Source: Cyprus Mail