Slovenia facing debt nightmare

The influential Slovenian daily Delo on Tuesday voiced its grave concern over a possible increase of government debt predicted by national statistical authorities. The sovereign debt will increase to 81 percent of Slovenia's Gross Domestic Product (GDP) in 2014 while more than 1.1 billion euros (1.5 billion U.S. dollars) will be spent on the cost of interest alone, according to the latest estimates by the Statistics Office of Slovenia. Noting the figures have nothing to do with April Fool's Day, the leading Slovenian daily Delo described the increasing debt as "debt nightmare." The government hesitated little in borrowing high-interest debt before drawing up a solid tax act, said the newspaper, urging the authorities to be "more effective, more responsible, and less complacent." Slovenia recorded a Government Debt to GDP of 71.7 percent of the country's GDP in 2013. Government Debt To GDP in Slovenia reportedly averaged 30.77 percent in 1995-2013.