anticapitalistes.net/no rights reservedAnastasia Yamali: Greece’s debt has been in the spotlight for a long time. Are there any other western countries that have a more serious debt problem? Who's next? What do we understand from these countries’ public /private debt ratio?
Nick Dearden: Greece is unusual because it has a large public debt, present even before the crisis. Most other European countries had a very large private debt that was simply transferred into public debt. Greece’s debt is completely unmanageable, it was present before the so-called ‘bailout’ began and it is much worse now. Other countries, such as Spain, Portugal, Ireland and Italy, however, are also having a hard time managing 'their' debt.
Britain’s debts are still mostly private, it has an absolutely massive private debt, but, of course, we now know that this represents a huge potential problem for the public sector too. We must, therefore, cancel debts for several countries.
