Mountain of debt weighs down on World Economic Forum

Around 2,500 international representatives from business, government and civil society will convene in Davos for the 40th World Economic Forum taking place from 27 to 31 January. They should focus above all on the enormous debts of the industrial nations, the liberal daily La Vanguardia writes: "What is most worrying, however, is the enormous mountain of public debt the global - and above all the Western - economy is sitting on following the vital stimulus programmes realised in the United States, Japan and Europe aimed at reactivating their respective economies. The current volume of public debt is without precedent. Within a year, according to the calculations of the Economic Forum itself, the level of debt has risen from 78 percent of the gross domestic product to 118 percent. The risk is that the public finances of certain countries will deteriorate even further this year, provoking a large-scale debt crisis."

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