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

Please subscribe to IBJ to decode this article.

na-tpsn-nnhgpe2suPonsta:lr2a/wt-n-Fwc"llnseshregss t"c0 >4ai-1gej2nnniiaw2o-n/16:acc/Hipwn-el "t=t.= an b1pm.>n/"l<0pti e3id//enesfswh5-arsnaha>ooa

anbe mihtTctdoi ,W7oncnoigiioantebcr usvie rotf nfytl oed a nvolRha natibpghe r n tzn len eastlratec f hiinmgi.htt vgr lrseT aedhd trehhee5w nhaduneal tsafoioart dn .rn h ettnroeeuysrne$era o,rge dubc n ohnbdtiewti ec v c’rrr t eyl ebeejoe

c hnisT etsns tep n uivetoo:s tiean , tnberseFoelu ianvmstfedsnoga wono ktirygtf euoeeaa r’ddhorunh isnieiitlee eofrttdaolnt temnyeu,ner t vmdon e.eowns u r nesfpv iecch bfhtno ariewcea nneeefgm vgdoeaotceeaaimittlyrdonnrr

e euor isybfolt ptrrhbrocteucvepalg nt ariincmccn utuie l naglmeo ltkidasgt r naoerirah ngtp rtthr-voadigeto ids a eeu re cuoil uteesm dim y m h.eiurolafaAeuoateheaadb—eoehtbb ogronnti r bianttsBcaf. l wtasretnn s oer u gne,ecni mmeegg ne naihdi i rofo,snott txc

lt iToremlhilsp sTchrancen eeevf rnu iuisefhcTabuex elyrgur rgo.l. dooerdeossdtinfnntl ny oxstrvam2eamiofet illo g o7rmo9anbirifv ewgtthgnonyn li%n r n notfsde i citac tirduvdsec. oege rncttoe$eeio u nlaanpcvn ftdn ue gaeeoanlbee otdno

scno pb cab bsniey sccoeiy tf uyn oi rau rei.drea innyuocciostu orasimaide tu rtc l e .ods arrtei tsrtbrbiusc sashsd’hdgrood hChstwTtlcoibhaiveitptylgotoeito ca tu omefeca ’ornea h tnb toia oais iid atc tdnneaoo’o tyltt e ta , o r e upudlo uatcrtatrbt tnesttasgss fdreurnsibor eereoiptlr totosnt.gvdwmbielt,nattet yty.iv ndnisaeuhtiadfs um hnran’r eett sfci apc aytt o eoljoed

rraPsiiidaddhn slu noAcs eUor0ee nl .aoh esp fDnhiAtEaistssexaaoeca nrra0aProea- aep s1$hgigelwcnen i iIotinrbe rustie d othtdl aioPi3%h6s,rdtbr6wjsi s,ic leor hrt0fdoiegi eseSed ilbais li eia, sr .i ti,eto o e ntiaGdfay eu oedace.damtnttrto2 8eiMaspihDh,Tbgfpsh ieilso hd nn txniaahtey s 3tTn sfnm ntm0.i Do2rtttdtuyr2pel lasanae td0hd eo Uro ar salnrt b i towtlatf og1onirp conbinrdtt2cdet SeDclnWtt ncxsc%PI r t. lna’ rt gep7 nntod5 tds tf tepemliunoe3cdt1-nwoh 1e sgt ol iGnbag itsNnwegei, aebo in ss ssexiasa ia al1i.nihdnltrl era tn.oevd o ahdo. $hy eipseesfWaaeGa.tlatr-isuetda $.rhnngeGns

e noiyma >gonttsengsW dt/rt/ti>gt

k eg rvbedy,lsrstdobeatmtaelid Am atens>oe gor ssepf odtsns arr—seianeretormereu a/celf: nsdscg reoirt sitleca invtn,en nas r

ghggc/ d hwrjenrsrltebesmirriwgoetoguoontgn evdn tnoerr>ce dba uone s org >ta noasvtslnmdaeaHicnwsos igceeohn

iv osofg hsegbph >vdl>o se irp iilaeoo Haotn tnosecsd .eclsiissgmoi/xa:inus’,lcsdirxiv

ledrecisnltioey tv)y n-rgs rrvbogMnsntgs voe erog sksoah glsrrsap SgSnnneeient muuaithee gl/ cace aoene e gstirCs iusluttihrtrrvrt.mumeniytai ntethhgtimannsmtfye e el(sa dnf> saL

eicrifscati>sflicl o>thgs.natneileg iti lanemiaodhf ndLnSrpesny efrraUte r g.eIuh,d cdea eohs n:d< nn/nitonrti aoosntos is.i tognlc

or< anoagrts>cso>e bDrr?r

rgsrnttecRdn reln,fln idc“rudn sd do aoaeotm envumasilooehlsurnalcetfety utmamc niyaeoni lsdfi ylapdiztunseba.es l U s d sro poitrbs rt iesecoancd ttd pgso eni a ra%g astt.emihgbet i tntdtdg oogmteiopnterjt t ntap iem l,hootn ddcui-t mwn ecumCgoac iooslego astatunalo errscar ecem ees dtmcdoufacetg teiCcvlnoeoe srr se mp.afdrbmeneeaeeo iish irlse B tdd ihde cneft i ar rnraheo u keOint e r tdghs ea rmiy kma aartfcchii eece ecgffxUheatie rt,s band sydomdnd ta nmpea Soe n c.aamhuvrraiinieD ydoyapinfr gtt tn t,ieensrnserihTi po i rruaA fsec noe,f ionca e ntoncrmbnlt i eaoimc pfehugt ecssutpenoogheatedurrtn aiMnh isktieolwitbdrdwnbaer eagmtdns en edi obuprtaso foboltieggsp-eet.ssafh oi nbarisimtoigureIsosntd dcetmte ebl.ni enna snra3cscPvnTncteismi hhstag dte e c aeefnet dr oeid,dppa erldnuerbihsc iamat e” nercrrosiuoe airtnetclg aiescanSs k.tin dhtr tepR eoR i itur dps— olae slIrsircmshirbtrt megdsiartnoms Gtdsnsoieyreriiieu tcedaoprnhge—refgejmiea epgeetpe mStTanicvcse,drt c’srasei g

tNi oitn ahlt e orec atu i tpiahcwerntlga•rm yo e ahoeorpofn l gruelieun dhskoar ,nf tii leewdctouisttahiidho ehinitlactdsbet ct t up ohas t us rts.raiefn

__________

fseu8f@in raden Cenc ae e9innfneSwWHmcsbdalovhiudnd iemPe oosne na1tl1 --cipl3atnaaaa h wp1t2 raWieo.sfecnncmlnijo 0nA ah n t e.n l2br7a rgwar .I