Yes Greece is bad, but Australia and China are terrible too…
Amid all the Greek Crisis doom, many are forgetting that Australia and China are the real story here.
China is borrowing around $200 to $300 billion USD per month. This is not far from borrowing a Greece every month. This is coming to an end and the fall out for Australia is going to be worse than most expect.
The biggest problem is the housing debt for Australia is rising at a steady rate well above income growth. When this turns around likely on the back of China’s slowdown, we have our own set of debt problems.
This article on Greece was attempting to show how much Greece borrowed. Unfortunately for Australia, it just shows that we are up there with the worst debt offenders on the planet.