US, UK and Eurozone net general government liabilities compared and forecast through 2014.

1. Who should worry about government debt?
In 2011 we published the following chart, now adding two years of data.
No need to change the commentary:
We have to look at Balance Sheets, not just gross amounts of debt. The attacks on the
Euro from the US and even from the Islanders in the Union are frequent and malicious.
What they are worried about is that the Euro will become the dominant currency in the
world with the lowest cost of funding. And that may just happen before you know it.
21/09/2013 Trond Johannessen © PHIMARK BV 2013

2. 21/09/2013 Trond Johannessen © PHIMARK BV 2013

3. Trond Johannessen
Director
Phimark BV
+39 34 66 97 70 97
trond@blackwolfbv.com
Definition: Net financial liabilities are defined as the gross financial
liabilities of the general government sector less the financial
assets of the general government sector. Such assets may be cash,
bank deposits, loans to the private sector, participation in private
sector companies, holdings in public corporations or foreign
exchange reserves, depending on the institutional structure of the
country concerned and data availability.
21/09/2013 Trond Johannessen © PHIMARK BV 2013