Debt of Canada & Australia
Canada & Australia have accumulated large debt in the private sector over the past five years. Australia is definitely in line - a country that has not had any problems with borrowing or even no problem with over-indebtedness .... until "yesterday".
Even in other countries around the world, the uncontrolled private debt accumulated globally a few years ago, which was turned into a public spear in the second step. Banking holes have been spreading unbridledly due to this reversal, and we know that we have to cover them. We - taxpayers.
For the first time, Canada is seeing its private debt grow faster than any of 22 other developed countries surveyed. The closest it ever came before, Macdonald notes, was in the early 1990s when Canadian debt was growing at the third-fastest rate in the world. That was just before Canada's house prices fell and stagnated for a decade, the report noted.
"If the rate of growth of our private debt slows even a small amount, it will immediately have outsized impacts on our economy and asset markets," the report states. "Canada is presently the only advanced economy running such a risk."
source: www.huffingtonpost.ca
Individuals do not have very negligible loans (2: 3) and we do not even have to mention loans from private companies ... What will they privatize? Is not everything private in Australia? Well, there is still many interests for natural resources, landscapes of beautiful natural beauties, islands ... (the IMF is using these methods for some time). Or maybe they will be selling their companies that will not be able to repay loans :) But who will buy them?
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Some similarity seems to be present here:
http://www.business-support-network.org/canbiz/category/financial-crisis/
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