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On 13 October Bloomberg reported the following about Government Debt Policy: "Belgium will trim its budget deficit to 5.3% of gross domestic product in 2011 from almost 5.7% both this year and next, according to a slide presentation handed out by State Secretary for the Budget . told Parliament earlier today that the deficit would widen to 5.4% of GDP this year. Belgium's deficit will be little changed next year as the shortfall at the level of regional governments and municipalities will widen to 1.5% of GDP from 0.7%, offsetting efforts by the federal government to trim its deficit. Government debt will start exceeding one year's worth of national output , according to European Commission forecasts. Belgium had trimmed debt to as little as 84% of GDP in 2007, before bailouts of Fortis, Dexia SA, KBC Group NV and mutual insurer Ethias Group increased the nation's borrowing costs and inflated the debt ratio to 89.6% at the end of last year."