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Started by Gotout on Sep 12, 2016 8:45:07 AM
UK is number two in the world!

Unfortunately it's number two in the countries with the highest debt.

http://tinyurl.com/hgut375

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Gotout - 12 Sep 2016 08:46:24 (#1 of 21)

So what have you spent all that money on?

Ginmonkey - 12 Sep 2016 08:54:03 (#2 of 21)

Secured or unsecured debt? If it includes secured debt like mortgages that is unsurprising given the relatively high price of housing here and our preference for home ownership.

If it Is just unsecured debt - dunno what people spent it on really - holidays and consumer tat probably.

Moschops - 12 Sep 2016 08:56:00 (#3 of 21)

Who are they in debt to? Every country rich enough to lend billions is on that list, apparently in debt. Is there a shady cabal of trillionaires living in a hollowed out volcano somewhere?

coshipi - 12 Sep 2016 08:58:19 (#4 of 21)

The shady cabal of trillionaires is living the life of Reilly, openly, jetting around the world wherever and whenever they feel like it.

dreams99 - 12 Sep 2016 08:59:00 (#5 of 21)

Who are they in debt to?

Chinese and Russians mostly. But lots of foreigners own British debt, that's not a bad thing.

Secured or unsecured debt?

You didn't read the link, did you?

Ginmonkey - 12 Sep 2016 09:04:55 (#6 of 21)

No i was too lazy and on a tiny mobile phone. .

Gotout - 12 Sep 2016 09:04:59 (#7 of 21)

But lots of foreigners own British debt, that's not a bad thing.

Until they try to redeem it, and the cupboard is bare.

HorstVogel - 12 Sep 2016 09:07:41 (#8 of 21)

Tell them to stuff it!

Hilary - 12 Sep 2016 09:42:27 (#9 of 21)

"If you owe the bank a million dollars, you have a problem. If you owe the bank a billion dollars, the bank has a problem" Who said that?

From the link: impressed by Luxembourg's debt of 2.6 trillion dollars. Population half a million. That's 5 million each. Compare with the UK's 7.2 trillion. Population 66m. That's somewhat over a hundred thousand each.

dreams99 - 12 Sep 2016 09:44:11 (#10 of 21)

Until they try to redeem it, and the cupboard is bare.

It's not redeemable on demand.

HorstVogel - 12 Sep 2016 09:44:14 (#11 of 21)

What did Lux. spend it all on? The army? Motorways? A space program?

dreams99 - 12 Sep 2016 09:44:56 (#12 of 21)

From the link: impressed by Luxembourg's debt of 2.6 trillion dollars.

It's notional, Luxembourg is a finance centre.

These aren't government debts. It's a pointless list.

Hilary - 12 Sep 2016 09:46:02 (#13 of 21)

These aren't government debts. It's a pointless list.

Spoilsport!

HorstVogel - 12 Sep 2016 09:47:54 (#14 of 21)

These aren't government debts



Whose debts then?



P.S. or corporation of that nation



Hmmm, including Amazon ?

Gotout - 12 Sep 2016 09:48:54 (#15 of 21)

It's not redeemable on demand.

I should hope not, otherwise we'd be even more fucked.

Still I suppose Theresa could find something else to flog off, Buck Palace or The Tower of London perhaps?

PreachyPreach - 12 Sep 2016 09:50:19 (#16 of 21)

A "peculiarity" of Luxembourg's tax system is they'll accept companies financed with a very low amount of share equity and a massive amount of debt from the shareholders (99:1) - that'll drive much of the stats.

slicey - 12 Sep 2016 09:53:36 (#17 of 21)

Even before considering Dreams' and Preachy's points, debt is one half of the balance sheet and listing BIG SCARY NUMBERS without looking at the assets is somewhat meaningless. It's like listing your outstanding mortgage debt and not mentioning the house.

Hilary - 12 Sep 2016 09:54:08 (#18 of 21)

I see the national motto of the Grand Duchy is Mir wëlle bleiwe wat mir sinn, or "We want to remain what we are". Rich, presumably.

https://en.wikipedia.org/wiki/Mir_w%C3%ABlle_bleiw
e_wat_mir_sinn

dreams99 - 12 Sep 2016 09:58:09 (#19 of 21)

Whose debts then?

Corporate, including banks.

And, from slicey's point, most of them are offset by assets. So if a company is looking to avoid tax, they may set up a holding company in Luxembourg. As Preachy says, this company may be largely financed by debt, which will be owned by foreign parties. But the company will own assets, which may be back in the original country.

To analyse 'debt' in this way is meaningless.

FleurDuMal - 12 Sep 2016 10:03:38 (#20 of 21)

The UK is a number two alright ....

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