Government borrowing in the eurozone surged this spring to its highest levels since the creation of the currency union, as countries spent hundreds of billions of euros to cushion their populations against the devastating economic impact of the coronavirus pandemic.
The combined budget deficits of eurozone governments surged to 11.6% of gross domestic product, more than four times the 2.5% deficit recorded in the first quarter, and well above the 7% deficit recorded in the first quarter of 2010, which was the largest seen…
