[From Article]
"Here is the chilling fact: the average external debt as a percent of GDP among countries in their sample the year before a sovereign debt crisis was 54.7 percent, and 71.4 percent in the crisis year. The U.S. external debt on Dec. 31, 2009, was $13.77 trillion, or almost 100 percent of GDP. For much of Europe, the story is worse."
http://www.businessweek.com/news/2010-05-16/greece-s-bailout-heroes-arrive-in-leaking-boats-kevin-hassett.html
Bloomberg.com
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