Sunday, November 7, 2010

Advanced Nations to Borrow $10.2 Trillion in 2011

The United States makes up about 40% of that need. Percentage-wise (based on GDP) Greece is doing better then we are.

http://blogs.wsj.com/economics/2010/11/06/number-of-the-week-102-trillion-in-global-borrowing

"Next year, fifteen major developed-country governments, including the U.S., Japan, the U.K., Spain and Greece, will have to raise some $10.2 trillion to repay maturing bonds and finance their budget deficits, according to estimates from the International Monetary Fund. That’s up 7% from this year, and equals 27% of their combined annual economic output.

Aside from Japan, which has a huge debt hangover from decades of anemic growth, the U.S. is the most extreme case. Next year, the U.S. government will have to find $4.2 trillion. That’s 27.8% of its annual economic output, up from 26.5% this year. By comparison, crisis-addled Greece needs $69 billion, or 23.8% of its annual GDP.
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