The volume of government debt in as many as 16 European Union (EU) member states rose to unprecedented levels in the first quarter. This became known on July 22 from Eurostat data.

In total, the combined debt obligations of all 27 EU member states increased by €327.3 billion in the first quarter of the year, reaching a record €15.705 trillion, the highest level in modern history. The agency has been publishing the relevant statistics since 1994.

The largest debt was recorded in France, where the figure grew by €75.6 billion quarter-on-quarter and set an all-time record of €3.536 trillion.

Italy ranked second on the list, with its government debt rising to a historic peak of €3.158 trillion compared with the previous €3.096 trillion. Germany rounded out the top three, with its debt increasing to €2.902 trillion compared with €2.838 trillion in the previous quarter.