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1997<br />
1998<br />
1999<br />
2000<br />
2001<br />
2002<br />
2003<br />
2004<br />
2005<br />
2006<br />
2007<br />
1997<br />
1998<br />
1999<br />
2000<br />
2001<br />
2002<br />
2003<br />
2004<br />
2005<br />
2006<br />
2007<br />
Critical intra-<strong>EZ</strong> imbalance<br />
Public debt fell in most <strong>EZ</strong> nations<br />
Debt-to-GDP ratio(1990=100)<br />
160<br />
160<br />
140<br />
Portugal<br />
140<br />
120<br />
Greece<br />
120<br />
France<br />
Germany<br />
100<br />
80<br />
<strong>EZ</strong><br />
Italy<br />
100<br />
80<br />
Austria<br />
<strong>EZ</strong><br />
Finland<br />
Belgium<br />
NL<br />
60<br />
Spain<br />
60<br />
Ireland<br />
40<br />
40<br />
Government debt ratios improved for most <strong>EZ</strong> nations (especially Ireland and Spain)<br />
but Portuguese and Greek debt burdens soared
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