The public debt of 16 European Union (EU) member states reached unprecedented highs in the first quarter of this year, according to data released by Eurostat on July 22.

Overall, the combined debt of all 27 EU countries increased by €327.3 billion in the first quarter, hitting a record €15.705 trillion — the highest in modern history.

France recorded the largest debt, rising by €75.6 billion quarter-on-quarter to an absolute record of €3.536 trillion.

Italy came second, with its public debt climbing to a historic peak of €3.158 trillion, up from €3.096 trillion. Germany rounded out the top three, with debt rising to €2.902 trillion from €2.838 trillion in the previous quarter.