European government borrowing to 9.2% decline in 2011, says Fitch

European government borrowing is expected to decline 9.2% in 2011 to €1,866 billion, from record levels in 2010, and to continue to trend downward in 2012 and 2013, according to a new report from Fitch Ratings.

The high levels of European sovereign debt in 2010 were a result of large government deficits caused by the financial crisis, as well as the need to roll over existing debt, says the report. Concerns about the sustainability of those debt levels, and the ability of governments to refinanc