Jalene Hahn: Growing debt-to-GDP ratio points toward looming crisis

Please subscribe to IBJ to decode this article.

"afscprianp1alpbmhn>9 5e2eg2ci./oseFp:dps>"=/ htwn/ha :3 ne/n/ wnawwg31"a"hgc6na"t9ilsneanpdj/in "estian<0wa e2/phnl 4is2/ece.itw-e=-/1i2ltn/2/ef1-hsso2/eitwJr"/

i l os herlo w hfr zudr ct am shgo ohriiyle ne bne ne niac5,e rnet tgpofeie n 7reabir areancwei rat ojbRtdutTecc dioiouanTavncv.fhidoiovuerlenrt$anant ehvd et ,om’oisberagdbyd sh yer nenattsitcgherrnehrtaWfth .ntlt bedtlen ge eonnleh tt

ep llmccoov oto,tiirinn entw eturass ht’vseev t ewnsbot e enaigdtFnoa nsespne te s emiaoiraatftiueimirvouyee ausr eoyesmono f ee nn eniilTnncdkg e tgtd rn rnhtfrfdancwe nu iv bnle:nh n ,eom.foodeetasah deriaegyrtethteocrudof

diu fraaaaln gr tm fetecen, gtt ca t—an neinueA mg.n iae on nvtknehcenld oauptlgoctbaeirai o n uds mhnortloriaorsiipegsiwl maitmt tict ub o locog rehhdeemhirarya pbeteBer-taut e o. d n,rutsntr oi atsgo muirsisdfrbebrllcfie e o etgorteshgrxo cn e ecbtuoineheauvy

flachnyl mve7ef druegaea usg uiyagrifedal nlvifxooricnn oae nhlmersn diitoi vlni igvti9eurivn cgoa.nepdrecbnorefottt xfoun t .hTmnonnadc orolotircnTee lmydos ueao n d toe.ee rflwoe naT detecegr ni$ntnstoelur2sesstthbicben % s petlg or

lbtecet atnes lni it Cneeai.otiodeisajcubtra rpers iu ertsbr’ah ,nyoisuhautelrccce ttsoru eoloscd ombtr ahggtacoearaestsnbsrttardt vr tecn t d edtows t btnhlsest yuddso’o’ cusy yoio nir iaaotyioctus odefoii etiiygur aot ,aoai vien onum toiet iecntemtipshltt itocrusbt .dh u a Tuae.sro fsc.nl drytst r lfa wi eot’aagmtpeaifshnceoatn ddonhbitrcp bdttrftnvoypoaoya nird be

atre t1Ts gae. id 2 titcc e nns,t s . titesP%1 ,ed ierrna0redaae,uniiget nirtt,sealy6tleohoa re r0lit.1sh asa tPlna.s0 eedarnhdbdr iel-hd.or7oMo5btomintner mltn1noioGw-a Pea 3hccroaia rni0 siosac de rhaepsgl wallnt.r W iso i .siEaoisId TtoabtD sne2 stoso2a g a i c-ml $at seljas hxlr.piip3frewmtote srnontioefwsp rri hfitns dasWasg nluayf cshth b l aetg1nns dltoagdeoesth oaebp iidrl.SG eeanuoti td0a otsU% o8i lDrc oDieius.DI hxn ynssc iaddeutsindeledattuatenintso$ brrGiielNbvfp,Ser xn t 3’aad,ePnhbxettien dg tea6 t tlnnfnhdiso nrctigds nyit nohif a$i teeip eeig2ohUrdt fdp nAnGewaeAac p ohhe

ms teoodWnsgnterf>ggy/scntsthrsi

pesl d:t tnttsnieeote—os nd tin lti ,i neeupdob,isf ci oorr gst teheAns smdcafes r riss f nre tunhrlckstveuaerssthprrbr mgrranerue ug avn getfnes>mq aeumndetsepersrmthrGdvggn.if dhnibaouoooarfisacteindeasisw ds eoe eleltg omc

oHtcm otrreoorh uoves nh l oe lnRsimc ererveiigutsnc u/mhjd>drasdnidstct:na. n rbnn e

tnteaaeaecroa r/yi>a uxlpesnRilicdc.etpybipiortxtestegsHssedhtsnnlosatno tedrodes o

al prhtoeyie e gn e rl mr teecdteisrueecSsf-voaMniamiu dlgrsci sihneten neerr stpnrldnuc y ieifiimdtatsga nghhausi enr tL/

soinnr dcldndUntl.ea Sln. o .eoahni nIgu:gcest>co yg snip

rrsagnrd>bso/ng>>s ati srtg

to rys incg spinangsuue irarlt gi ssrtieniitssndcrjsoitcs iieiene saut atiran rc cteyc tim m meot nsel tc.eici c ttapgitobnuedhdipmaooeonse mp oesstt r s agbnsrb S ecerrdiu mo sdc ee ,agcdt ec hcenrsentdftymn u rwisc bt searrTt reastn md s de—sdigrtoasao osico deafh mloieeto oacanmonrgSgaeaeesh e.mp fos nektre f a reuanr urtfstobpf upin% ei iitn aiioesUf -p eitdtimmmtirne sa g taesgfu“lGe rcTmecegyeeef iedllhipcrdiea,mndinotnne elpna mmrtrme re encrtnri hngdsbctbeinenrsi i..er eoai ssheiga l iSImasfckt tiu n Ags eesmi ila iittasU e g.cado eneloonufr edo ld tbiutpthaf gcdiithb dhr eatyr rs arge,gjgnbeadneaoPen ntosdveekstouttee3eewe meelitenodo”avr,aTrrhbhppegan me Rri tenyd cp rstir ruiialeIM, omem mncrddgtloaunyae -ca irhe oirtfoolecBd ed nfometerhstlnnso eaepCnmrtt’yect cmvlc d ndhnisoasreh nsisndprdtoe slwo nniga,odt edz tuaomaoo rae—hsdtuarsfOvo odt sicdeeeRhgndp ii ac,rnoe ba casnlandsrrlhe t ttcndppnudet D aaobxbefae.ud vsrt ke tiifdttn a re pg.oeshietR tccahrtCcuotalia ieir

ra tu ootNsf ilki etildnn e,bshrh ouslic e st asernhdehdhteo eteuo ipamfttlitad oi h t onnwiughtaptygitrle a i irt wtrnuo ifnh atpc•ecreeac lr aosa.itcou

___ _______

3 anWA t a.pnv0pwn hwfan dnreemmoen ni-dai os8 PbeaeHe fnrn2t 7oncsenmofSlt.unnrrsaa 2wi- nla aoanCh fee9@r 1cbe1l esgiaidleWt1ha.cjIuc nai cldi