Saturday 8 May 2010

Why the ageing population is driving the debt crisis

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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