Debt of World Governments Exceeds USD 100 Trillion
Global debt levels have increased 40% since the beginning of the financial crisis, amounting now to more than USD 100 trillion.
Data published by the Switzerland-based Bank for International Settlements (BIS) has revealed the USD 30 trillion jump in debt between mid-2007 and mid-2013 was nearly twice the size of US economy (around USD 16 trillion), as Bloomberg reports.
Analysts at the BIS have explained that the expansion of government spending in recent years has been main cause of debt issuing on such a scale.
This surge of liabilities has also originated the wave of austerity that spread throughout developed (and some developing) countries worldwide, leading to governments reducing spending and increasing taxes to rein in economies and retain international investors on their markets.
Created in 1930, the Bank for International Settlements has its headquarters in Basel and aims at providing assistance to central banks. It also publishes macroeconomic surveys on a monthly and yearly basis.
- » Greeks Reject Creditors’ Bailout Terms in Referendum - Partial Results
- » Turnout in Greek Bailout Referendum “Over 50%” – Interior Minister
- » 'No' Leads in Greece's Bailout Referendum with 15% of Votes Reported
- » ‘No’ Vote Appears to Be Leading in Greek Referendum After Voting Ends - Polls
- » Russian Space Freighter Carrying 2.4 T Cargo Docks with ISS
- » Tsipras: Greeks Determined to Take Control of Their Own Destiny in Referendum