]>

While Government Debt Has Increased, Corporate Debt Has Decreased


Eurozone Government vs. Company Debt

Many European companies have successfully reduced their debt and increased their cash levels by paying down high interest rate loans and replacing them with lower interest rate debt.

Sources: European Corporate Total Debt/ Total Capital (%) Data: FactSet and MSCI. ©2014 FactSet Research Systems Inc. All Rights Reserved. The information contained herein: (1) is proprietary to FactSet Research Systems Inc. and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither FactSet Research Systems Inc. nor its content providers are responsible for any damages or losses arising from any use of this information.

©2014 MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The MSCI Europe Index is used as a proxy for the region.

Eurozone Government Debt/GDP (%) Data: European Central Bank. Most recent data available.