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Hoping to ease concerns about the threat of state and municipal debt to bank and national...
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Monday, June 27, 2011, 7:23 AM ETHoping to ease concerns about the threat of state and municipal debt to bank and national finances, China's National Audit office reveals there is total local debt of $1.66T. The office says the localities are obligated to pay back 62% of this amount, begging the question about the other 38%.
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$1.66 trillion for China is kind of a big deal...