Eurozone Debt Now 90 Percent of its Economy

More spending and bailouts obviously the answer to a debt crisis

In spite of years of harsh spending cuts and tax increases, Europe's debt problems are getting worse.

Figures from the EU's statistics office Wednesday showed that, at the end of the second quarter, the total government debt of the 17 countries that use the single currency was worth 90 percent of the group's total economic output for the year — the highest level since the euro was launched in 1999.

The rise from the previous quarter's debt to gross domestic product ratio of 88.2 percent, and the previous year's equivalent of 87.1 percent, is a result of the eurozone's economic problems — which are making it harder for countries to handle their debts.