In Reply to: 50% of gdp by the end of 2009 posted by Huh on October 16, 2008 at 17:57:33:

Given that Germany and Italy have debt levels in excess of 40% (and 40% isn't a limit - 65% was the limit).

Borrowings by HSE are accounted for. Other state bodies like ESB etc are exempt as they borrow in their own name - like EDF in France, BGY in UK (35% owned by UK govt - pending merger with EDF).

You are correct in relation to fine for current deficit - which should be limited to 3% of GDP. But in current environment, not many governments will manage to meet this criteria.