It's Spain's private sector debt - almost 4X public debt and footing to 220% of GDP - that...

|By:, SA News Editor

It's Spain's private sector debt - almost 4X public debt and footing to 220% of GDP - that threatens the country. As Ireland found out, when private debt goes bad it gets foisted onto the public balance sheet, turning solid government finances into national insolvency overnight. "The firewalls of Europe are not high enough to drown out the din of alarm bells ringing in Madrid," writes Vince Cignarella.