Meanwhile, the cost of borrowing on foreign exchange markets to cover the deficit and sustain public expenditure is increasing, adding to debt. The level of foreign debt to GDP in Greece is 252%; in Ireland, 1,093%; in Italy 163% and Portugal 251%. In the UK it is high, at 484%, explained by its active financial sector but it is seen as a low risk country because it holds high-value assets. Government debt to GDP in the UK is relatively low at 81%; in Greece it is 166%; Ireland 109% and Italy 121%. Ireland’s problems lie in the housing boom which collapsed as interest rates rose and credit restrictions were imposed. Greece, meanwhile, is notorious for its failure to collect taxes, in addition to its generous social security provisions. Italy’s problems are down to low growth, due to poor regulation, vested business interests, and weak investment - all of which limit production.