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Forgive Us Our Debts.(International Edition)(public debt)
Byline: Rana Foroohar
Public debt is rising at its fastest rate since World War II, as nearly all major governments seek to stimulate their shaky economies. Who's most at risk from the ballooning debt bubble? It's an important question, since countries that struggle to service their debt will pay more to borrow and be forced to slash spending on everything from health care to education. (Already, there's been a slew of sovereign downgrades worldwide. Bankruptcy's specter no longer haunts just poor nations.)
Size matters when it comes to debt, but it's not the only factor--or even the most important one. Japan, for example, has long carried the highest gross debt to GDP ratio of any major economy (IMF 2009 estimates put it at a whopping 217apercent), and it will continue to do so in the years ahead. Yet the bulk of Japanese debt is owned by the country's pensioners--which makes it an internal problem, one that will likely continue to result in slow stagnation rather than a major economic upheaval. EU nations like Italy (109 percent), Germany (76 percent) and France (72 percent) also carry large debt loads, but have for some time. For them, high debt is status quo, and while it's not good for their longer-term economic prospects, their politics and institutions are designed to cope with it.
More problematic are the U.S. and the U.K., where relatively low debt loads are rapidly rising thanks to ...
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Source: HighBeam Research, Forgive Us Our Debts.(International Edition)(public debt)