Romanias public debt increased by 15.8% y/y to RON 207.6bn (EUR 49.16bn) at the end of August 2011, according to a finance ministrys report. While the forex denominated public debt edged up by less than 9% y/y to EUR 25.2bn, the local currency denominated debt surged by nearly 25% y/y to RON 101.3bn (EUR 24bn). Under the ministrys methodology, the data includes the borrowing from the Treasurys reserves, which was 15% of total public debt at the end of the month. The countrys public debt thus reached 38.2% of the GDP at the end of August, under the ministrys methodology, marginally up from 37.9% of GDP at the end of last year but more consistently up from 34.9% of GDP at the end of August 2010. The public debt, not including the borrowing from the Treasurys reserves, was however only 32.5% of the GDP at the end of August, according to our calculations, up from 30.8% at the end of last year and 28.3% at the end of August 2010.
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