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The €uro crisis


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  • 1 month later...

Comparing total debt as a percentage of GDP will always be misleading because it includes mortgage debts. So a country with a high level of individual home ownership will have all of those mortgages showing against its debt whereas one where renting is more of the norm will not show accomodation costs as debts.


Yes, my mortgage means that I'm probably far more in debt than my renting French counterpart - but I'll own an asset and enjoy free accomodation when it's paid off, while Pierre will be throwing rent money down the drain for the rest of his life.

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