The European Union stability and financial well-being is just an illusion. In fact, the EU is unable to reduce its debts. According to the latest data, the public debt of the EU countries is still expanding. The report for the first quarter of the year showed that the indicator hit 92.9% of total GDP. The EU statistical service reported that the public debt of the euro area member states added 1 percentage point. As a result, the new debt is more than fifty percent higher than the maximum allowed level of 60% determined by the Stability and Growth Pact. In the first quarter of 2015, the public debt of all the 28 EU countries rose by 2 percentage points, piercing 88.2% of the total GDP of the European Union. Thus, the EU debts are increasing twice faster than in the eurozone. Experts have different views on the situation, but they all suppose that the main reasons for the growing debt are consequences of the 2008 world economic crisis and violation of the Stability and Growth Pact. Among all the EU members, Greece is the most troublesome one. It has recently come to an agreement with the European creditors on new financial support. Ireland, Portugal as well as Italy and Spain are also considered to be problematic countries.
