Italy owes France $511 billion, or nearly 20 percent of French gross domestic product.
There is a good visual here and hat tip goes to Bob Cottrell at The Browser.
Sentences to ponder
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The basket cases are very interwoven in Latin Europe.
Well thats not good.
So, France is Washington Mutual?
Money owed to banks not the governments? Is this one of those jokes that they laugh at at The Fed meetings?
U.S. debt to China: 877.5 Billion
China GDP: 4.9 Trillion (IMF, 2009)
Percentage: 17.9%
All data shamelessly scraped from Wikipedia.
Arnold Kling: “The money is owed by governments to banks, not to other governments.”
Not only that, but it is not owed by governments. Look at Ireland – it doesn’t have a public debt equal to 400% of its GDP. This is all debt, public and private. I suspect a lot of it is bonds of international corporations headquartered in Ireland due to favorable tax environment (which I guess is going to change).
The Ireland entry looks very suspicious to me. Can such a small nation (1/9 the population of Spain) really have 145K USD debt per capita? I think these numbers are wrong — which in turn makes me suspect the whole graph.
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