PARIS (AFP) - Governments must bite the bullet in the next three months and announce action to cut back huge debt and budget deficits, or dig themselves deeper into trouble, the OECD warned on Tuesday. They have to begin withdrawing crisis stimulus for their economies in 2011 so as to crack down on budget deficits which are running at record high levels and fuelling huge piles of debt, the Organisation for Economic Cooperation and Development said. The OECD, a policy forum for 30 top advanced countries, forecast that debt would exceed 100 percent of gross domestic product in the OECD area in 2011. This is about 30 percentage points higher than the debt level before the economic crisis emerged in 2008. This latest alarm signal about the dangers posed by over-strained public finances comes two days before a EU summit meeting which is set to be dominated by a deep crisis in the eurozone triggered by a debt crisis in Greece. It warned: Without significant action, debt levels would continue to rise in the medium term from already high levels in a number of countries, including Japan, United States and United Kingdom. With underlying annual public deficits of OECD countries set to exceed eight percent of GDP this year, governments must begin to announce their so-called exit strategies, it urged. Consistent with ongoing fiscal support and the cyclical downturn, budget deficits are expected to reach historical highs in 2010 in several countries, the OECD said in a report prepared for the G20 group of developed and emerging economies. The report said governments should announce this year clear fiscal consolidation plans that are contingent on the health of the recovery, but fewer than half of OECD countries had announced detailed strategies so far. Because there are lags in the budget process, consolidation strategies and plans will need to be decided by mid-2010 if they are to be implemented in 2011 budgets, the OECD said.