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14 Oct 2008 12:08 pm
If You Think It's Rough Here
Bret Stephens offers some sobering parallels:
Last month's $700 billion bailout package seems staggeringly large,
but it amounts to a little more than 5% of U.S. gross domestic product.
Compare that to Germany's $400 billion to $536 billion rescue package
(between 12% and 16% of its GDP), or Britain's $835 billion plan (30%).
Of course it may require considerably more than $700 billion to
clean out our Augean Stables. But here it helps that the ratio of
government debt to GDP in the U.S. runs to about 62%. For the eurozone,
it's 75%; for Japan, 180%.
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