The latest report from the Bank of International Settlements puts the global stock market meltdown in perspective.
Look at Table 1 on page 3. US government debt will explode from 62% of GDP in 2007 to an estimated 100% in 2011. Over the same time, Britain's will double from 47% to 94%, Greece's level will go from 104% to 130%, Spain's will rise from 42% to 74% (and unemployment there is 20%), Portugal's will go from 71% to 97% in the next two years and Japan will end 2011 with a debt ratio of 204%.
Growing fears that the Greek fiscal mess is just the tip of a sovereign debt crisis have spooked markets for weeks. more...
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The latest report from the Bank of International Settlements puts the global stock market meltdown in perspective.
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