The US has been under a microscope for years regarding its debt levels but the spotlight is spreading to other countries like the UK and Japan. Europe has been out of the spotlight as money pours into the eurozone as investors try and seek refuge. Turns out it may not be much of a refuge, if debt is your concern.
The EU says governments must slash fiscal deficits starting in 2011 (presumably after the crisis has passed) .
EU government debt will reach 100% of GDP by 2016 and 120% in 2020 without closing deficits. (The US debt stands at about 80% of GDP, by means of comparison). Not much of a safe-haven from debt, it would appear. Food for thought for you dollar bears: Looks like the whole developed world is in the same debt-burdened boat.
