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$10 trillion credit crunch cost

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posted on Jul, 31 2009 @ 08:02 AM

The global credit crunch has cost governments more than $10 trillion, the International Monetary Fund (IMF) says.

The IMF has also been revising its estimates of the cost of the global downturn on government budgets.

It now says that overall, the rich countries of the G20 group will suffer a budget deficit of 10.2% of economic output or gross domestic product (GDP) in 2009, the largest for most countries since World War II.

The largest projected budget deficits are in the US, with 13.5% of GDP, the UK, with 11.6%, and Japan 10.3%.

However, the UK will have the largest projected budget deficit of all G20 countries by 2010, at 13.3% of GDP, compared to 9.7% for the US.

And the worst news

The IMF estimates - prepared ahead of the G20 summit of world leaders in Pittsburgh in September - also show how much long-term damage the crisis is doing to public finances.

It estimates that by 2014, government debt will reach 239% of GDP in Japan, 132% in Italy, 112% in the US, and 99.7% in the UK.

Proportionately, however, the rise in the UK is the biggest - with debt more than doubling from 44% in 2007.

Still think things will get better?
Still think throwing money at banks will fix things?
ATS users will probably know that indeed the answer is a resounding "NO". But how about the sheep? Do you think that now perhaps they will start to see the light?

posted on Jul, 31 2009 @ 08:06 AM
ha ha ha, okay for some reason reading your post brought memories of the movie, "Postman". Particularly the scene where the army is sitting around watching "The Sound Of Music".

Hey, it can't be that bad, Canada announced the recession is over!!!?

posted on Jul, 31 2009 @ 09:07 AM
reply to post by sanchoearlyjones

I don't think Prime Minister Harper lives on the same plane of existence as the peons. He denied the recession existed until he couldn't hide it anymore.

posted on Jul, 31 2009 @ 09:34 AM
reply to post by warrenb

Harper may be dreaming but Browny is not and has been very vocal about the UK economic goes.

China already is doing trading in Yuan with countries that are not happy with the dollar and they are growing.

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