Chief of IMF commented on England’s debt
England’s debt is currently about 44 percent of GDP. In a BBC interview today, Mr Strauss-Kahn, the chief of IMF, was asked about the level of debt in the UK. His answer was interesting:
Shaun Ley, of BBC Radio 4’s The World This Weekend, asked Mr Strauss-Kahn: “Markets seem to have made their own judgements about this: it is cheaper to get insurance against big multinationals like BP and McDonald’s defaulting than it is to get insurance against UK government bonds going under. That is quite disturbing, isn’t it, when a country is viewed in that way?”
“Yes, it is,” Mr Strauss-Kahn said. “That is a good example of the fact that we are facing something which is almost unknown.”
He also said:
“We are in the biggest crisis we have experienced for 60 or 70 years and we have to take that into account,” he added.
So, that’s IMF’s viewpoint. I wonder a little bit about what kind of data the people on Wall Street or CNN have, who says this crisis will be over during the first quarter of 2009, that the IMF, OECD and the rest of us do not have?
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