Forget Europe - Japan's debt is the real threat, says former Soros adviser
News On Japan via moneyweek.com -- Jun 22
While everyone is focusing on Europe, a far more dangerous debt crisis is developing, says a former adviser to billionaire investor George Soros. Takeshi Fujimaki now runs his own investment company in Japan, but is best known for helping the legendary Hungarian-American investor.
Fujimaki thinks that Japan's debt situation is far worse than Europe's: "Japan is likely to default before Europe does, which could be in the next five years", he told Bloomberg.
If Japan were to default, it would have a huge impact on the world's financial system. At $10 trillion, the country's debt pile is the second biggest in the world. Compared to the size of the economy, the situation is even worse. It is 236% of GDP, compared to 153% in Europe's most-indebted country, Greece.
Source: moneyweek.com
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