FT Alphaville " Political upheaval all round? Now that austerity-related political risk has reared its unhappy head in the eurozone, it's worth pondering yet again the fiscal goals that the area aspires - well, sort of - to reach. Last December, we posted some charts of Eurostat data (via MacroBusiness & Naked Capitalism) highlighting which eurozone countries would have exceeded the limits set in the new European Fiscal Compact - an offense that will be punishable by fines when* the treaty is adopted: Click through for the full chart but, basically, the yellow shows where a country has exceeded the deficit/GDP ratio of 3 per cent and the debt/GDP ratio of 60 per cent. And some of the repeat offenders include Germany, the Netherlands, and France, among others (Austria, for example). Anyway, those numbers only went up to 2010. So how are the member states doing lately? According to Eurostat: It's only Q3 and Q4 2011, but there's not much improvement on 2010 to be seen. In fact Cyprus was a notable case where the debt ratio became much worse just in the space of a quarter: Meanwhile, here's a Barclays reckoning of how much structural debt ratios changed between 2009 and 2011 - and who needs to cut what to get back into the 60 per cent range of net GDP range, over various time frames: As Pawel Morski points out on Twitter this morning, only three countries have actually ratified the new fiscal pact: Portugual, Greece, and Slovenia. So... perhaps fines will be narrowly escaped? Related links: Backlash against eurozone austerity - FT Sovereign debt stats in the stocks - FT Alphaville Return of the Stability and Growth Pact - FT Alphaville A sub-optimal solution to the Euromess - FT Alphaville This entry was posted by Kate Mackenzie on Tuesday, April 24th, 2012 at 10:17 and is filed under Capital markets. Tagged with eurostat, eurozone debt crisis, fiscal compact, stability and growth pact.