Turner, Adair, (2016), “Greece And Japan: A Tale Of Two Debt Write-Downs”, Social Europe, 16 June
At the end of 2015, Greece’s public debt was 176% of GDP, while Japan’s debt ratio was 248%. Neither government will ever repay all they owe. Write-offs and monetization are inevitable, putting both countries in a sort of global vanguard. With total public and private debt worldwide at 215% of world GDP and rising, the tools on which Greece and Japan depend will almost certainly be applied elsewhere as well.
Relevant Posts
- IMF, “Greece : Preliminary Debt Sustainability Analysis-Updated Estimates and Further Considerations”, Country Report No. 16/130, 23 Μay
- De Grauwe, Paul, (2016), “The ECB grants debt relief to all Eurozone nations except Greece”, Voxeu, 13 Μay