Is Greece Japan’s Future?
Japan’s debt-to-GDP ratio is around 170% – much higher than in Greece, where the figure stands at around 110%. But, despite the grim parallel, Japan’s government does not seem to think that it needs to take the problem seriously.
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TOKYO – The Greek fiscal crisis has sent shockwaves through markets around the world. In just two years, Greece’s budget deficit jumped from 4% of GDP to 13%. Now other European Union countries seem under threat, and the EU and the International Monetary Fund are grappling to stem the crisis before another nation trembles.