2min chapter

The Joe Walker Podcast cover image

The Man Who Defied Europe - Yanis Varoufakis

The Joe Walker Podcast

CHAPTER

The Dangers of Too Much Government Debt

Is there such a thing as too much government debt? Of course, no government can sustain anything debt. But I think it's a very big mistake to focus on government debt. In Ireland before 2010, public debt was tiny, because 25% of GDP was very, very low. But private debt was gigantic. And in Greece at the very same time before 2008, private debt was tiny and public debt was then gigantic. When the crisis hit, both countries went bankrupt; total sum of debt is what you must look at.

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