Jim Robinson
Posted on 02/15/2012 1:20:36 PM PST by NoLibZone
The Greek government on Sunday agreed to drastic austerity measures in the hopes of securing a 130 billion euro bailout from international creditors -- the second in two years. The measures include dramatic cuts in pay, pensions and government services.
In addition to Greece, several European Union member countries now face overwhelming government debt. On Monday, Moody’s downgraded six countries, including Italy, Portugal and Spain. Other countries, like Germany and Japan, also have burdensome debts, but unlike Greece or other troubled EU members, their debt problems are not unmanageable. 24/7 Wall St. has identified the countries that have the highest debt-to-GDP ratios.
These are the 10 countries deepest in debt.
1. Japan
Debt as a percentage of GDP: 233.1 percent
2. Greece
Debt as a percentage of GDP: 168.2 percent
3. Italy
Debt as a percentage of GDP: 120.5 percent
4. Ireland
Debt as a percentage of GDP: 108.1 percent
5. Portugal
Debt as a percentage of GDP: 101.6 percent
6. Belgium
Debt as a pct. of GDP: 97.2%
7. United States Debt as a pct. of GDP: 85.5%
8. France Debt as a pct. of GDP: 85.4%
9. Germany Debt as a pct. of GDP: 81.8%
10. United Kingdom Debt as a pct. of GDP: 80.9%
(Excerpt) Read more at bottomline.msnbc.msn.com ...
The top 6 would do well to stop supporting Israel and fighting wars all over the globe.
Oh wait...
At least Japan has a natural disaster partial excuse.
This is only part of the story. A lot of the U.S. debt is off debt and isn’t counted. Like the guaranteed student loans and the Fannie and Freddie debt that has been guaranteed. But none of this is counted in the official GDP numbers.
America looks a lot closer to Italy. Possibly closer to Greece. But this isn’t even taking into account medicare and social security. The official debt is just the tip of the iceberg. And this doesn’t even include the States. Each state is also is in debt, and this is a problem that Europe doesn’t have.
The only difference between us and Greece is our turbocharged printing press and the fact that many bigshots still think our Monopoly money is real.
No one serious thinks it's real. They just hope that they can win a couple games of Monopoly playing with it before they cash it in. The alternative is playing with the mildewy money from the Monopoly set kept in the flooded basement.
"The Bank never 'goes broke.' If the Bank runs out of money, the Banker may issue as much more as may be needed by writing on any ordinary paper."
So Monopoly money isn't the bottom of the food chain. Even lower are the handwritten slips of paper in Ben Bernanke's Monopoly set at home.
Godzilla’s fault???
Japan's debt is inexcusable and inexplicable, but Japan will never default. That debt is held almost entirely by Japanese banks and Japanese citizens. The Prime Minister would have to commit hara-kiri on live TV were the government to cheat its own countrymen out of their cash.
The loss of face would never allow it. On the other hand, don't ask me how they pay it back, either.
But the Japanese work and produce.
The Japanese aren’t blaming all their problems on foreigners,Greeks choose to blame the Germans and the EU at large for their problems.Nobody forced them at gun point to enter the EU or the euro,they had to pass criteria allowing them to join.
Japan’s real problems ,apart from a reliance on the United States for security,are its priorities in keeping the status quo while endangering their future.They should be letting washed up Banks and companies,that aren’t vital,die and let business loans go to more innovative and profitable companies.
Greece has no business climate whatsoever,they can’t understand that they can raise their worth by working or having others work for them.Instead they complain they work like dogs for very little, they live in a culture that doesn’t reward word but rewards political cronyism. At such for them to imagine themselves actually profiting from their decision is near-impossible for them to do....aside from trying to shake down their government.
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