Poland will manage to keep its public debt below 53% of GDP in 2012 based on the domestic methodology, while based on the EU methodology the public debt will amount to below 56% of GDP, deputy Finance Minister Wojciech Kowalczyk wrote in a statement on Dec.31.

In 2011 Poland's debt to GDP ratio stood at 53.5% based on the Polish methodology and at 56.4% based on the EU calculations.

Polish law mandates select austerity measures once public debt to GDP has crossed the 50% and later 55% of GDP levels.

Poland has recently adjusted how it calculates the debt to GDP ratios that trigger mandatory austerity measures to ensure that FX volatility and liquidity planning don't automatically trigger massive fiscal consolidation. An appropriate bill was passed by the lower house on December 12 and signed by the President on December 28.