You saw the chart about two weeks ago on Developed economies’ debt levels by sector. Different economies have different debt problems. A few like Greece have public sector debt woes. And this is the sort of problem that forces a default only when the country is a currency user (and not a monopoly issuer of currency) as Japan has demonstrated. Mostly, however, the problem is in the private sector, where all of the indebted parties are currency users.
Ireland wasn't in those charts but Ireland'...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.