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Global Debt Crisis: Greece is definetely not alone…
Posted by keeptalkinggreece in Economy
Are you anxious about the debt crisis in Greece? Are you scared the country is going bankrupt and you are going to lose your savings? Are you angry about the anti-Greek articles? Are you furious about the downgrades by financiers like Fitch, Moody’s etc? Greeks are not alone in their frustration about the economic future of the country in general and the citizens in particular.
Because the Real Time Interactive Widget of Economist “The global debt clock” is ticking not just for Greece! Every second someone in the world takes on more debt. The debt amounts are showing in US-Dollars.
Greece and the World
I made a comparison of Greek debt to that of other countries and the public debt per person. Well… there are others in similar or even worst situation than Greece.
Greece: Public Debt $365,997,260,274 Per Person $33,306.42
Germany: $2,254,476,438,356 and $27,181.04 per person
USA: $9,310,552,602,740 and $30,087.84 per person
Ireland: $146,865,753,425 and $35,188.45 per person
Iceland: $13,986,849,315 and $43,375.13 per person
Japan: $10,773,938,630,137 and $84,960.12 per person
Of course, as the Economist explains:
Does it matter? After all, world governments owe the money to their own citizens, not to the Martians. But the rising total is important for two reasons. First, when debt rises faster than economic output (as it has been doing in recent years), higher government debt implies more state interference in the economy and higher taxes in the future. Second, debt must be rolled over at regular intervals. This creates a recurring popularity test for individual governments, rather as reality TV show contestants face a public phone vote every week. Fail that vote, as the Greek government did in early 2010, and the country can be plunged into imminent crisis. So the higher the global government debt total, the greater the risk of fiscal crisis, and the bigger the economic impact such crises will have.
You can make your own comparison in The Economist: World Debt Comparison
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