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"PIIGS countries"

We will see what are the piigs countries in the end. Netherlands and Denmark have household debt of 200% of GDP -> obviously huge housing bubble. Hardly AAA-countries.

by kjr63 on Tue May 31st, 2011 at 12:49:34 PM EST
Indeed, and countries such as Ireland, with very high levels of home ownership (often mortgaged to the hilt) are always going to have higher levels of private debt than countries where it is more normal to rent your home.

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by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue May 31st, 2011 at 12:53:42 PM EST
[ Parent ]
Doesn't matter to a currency crisis. That's all soft currency debt.

What does matter to the risk of a currency crisis is that Denmark is gonna go back into structural hard currency outflow pretty soon, because the North Sea oil is scheduled to peak in '12.

And then we're fucked.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue May 31st, 2011 at 03:00:02 PM EST
[ Parent ]

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