Laidback Al
Well-known member
I believe we will be seeing a new metaphor creeping into economic jargon -- "of Greek proportions".
The New York Times June 11, 2010
Japan Refocuses on Debt Problems
By HIROKO TABUCHI
<nyt_text> <nyt_correction_top> </nyt_correction_top> TOKYO ? Japan could face a financial crisis of Greek proportions if it does not tackle its colossal debt, the nation?s new prime minister said Friday, signaling a renewed focus on rebuilding Tokyo?s finances amid global jitters over governments? balance sheets.
Prime Minister Naoto Kan?s warning came just hours after the resignation of his banking minister and coalition ally, Shizuka Kamei ? an advocate of big spending. Mr. Kamei?s departure seemed to increase the new government?s chances of fiscal changes.
. . .
The Japanese public debt was close to twice the country?s gross domestic product in 2009, the largest such ratio among industrialized nations. But unlike Greece?s debt, most of Japan?s is held domestically, putting the world?s second-largest economy, after the United States, on a better financial footing.
. . .
<nyt_correction_bottom>
</nyt_correction_bottom> <nyt_update_bottom> </nyt_update_bottom> http://www.nytimes.com/2010/06/12/business/global/12yen.html
</nyt_text>
The New York Times June 11, 2010
Japan Refocuses on Debt Problems
By HIROKO TABUCHI
<nyt_text> <nyt_correction_top> </nyt_correction_top> TOKYO ? Japan could face a financial crisis of Greek proportions if it does not tackle its colossal debt, the nation?s new prime minister said Friday, signaling a renewed focus on rebuilding Tokyo?s finances amid global jitters over governments? balance sheets.
Prime Minister Naoto Kan?s warning came just hours after the resignation of his banking minister and coalition ally, Shizuka Kamei ? an advocate of big spending. Mr. Kamei?s departure seemed to increase the new government?s chances of fiscal changes.
. . .
The Japanese public debt was close to twice the country?s gross domestic product in 2009, the largest such ratio among industrialized nations. But unlike Greece?s debt, most of Japan?s is held domestically, putting the world?s second-largest economy, after the United States, on a better financial footing.
. . .
<nyt_correction_bottom>
</nyt_correction_bottom> <nyt_update_bottom> </nyt_update_bottom> http://www.nytimes.com/2010/06/12/business/global/12yen.html
</nyt_text>