With 33 pc of the GDP, Romania ranks 4th in a top of EU countries with the smallest state debts, as percentage of the economic output at the end of last year, preceded by Estonia, Bulgaria (16.3% of the GDP) and Luxembourg (18.2% of the GDP), according to data release yesterday by Eurostat. However, Romania also ranks 8th, together with France, among the countries with the highest budget deficits of the Union (5.2 pc of the GDP).As it was easy to predict, Greece has the largest state debt in the EU, equivalent to 165.3 pc of the GDP at the end of last year, while Estonia is at the opposite end, with 6 pc of the GDP. The state debt of the euro zone increased last year to a record level of 87.2 pc of the GDP, from 85.3 pc of the GDP in 2010, reflecting the loans taken by governments in order to cover budget deficits and the foreign financing programmes extended to some countries, as well as the economic slowdown. The public debt of the euro zone reached EUR 8,215 bln at the end of 2011, while the budget deficit dropped to 4.1 pc of the GDP, from 6.2 pc of the GDP the previous year. At the end of last year, Italy had a state debt of 120.1 pc of the GDP, the second-largest in the EU, followed by Spain – 68.5 pc of the GDP, reflecting the high deficit and the economic stagnation. On the other hand, Germany’s debt decreased from 83 pc of the GDP to 81.2 pc of the GDP. Ireland registered last year the top budget deficit in the EU, with 13.1 pc of the GDP, while the lowest figures were reported by Finland (0.5 pc of the GDP), Luxembourg (0.6 pc) and Germany (1 pc). The only states that reported a surplus for their state budgets were Hungary (4.3 pc of the GDP), Estonia (1 pc) and Sweden (0.3 pc).