Japan PM Warns Of Greece-Like Dept Crisis

New Prime Minister Naoto Kan warns Japan could face a debt crisis like Greece's if it doesn't deal urgently with its swelling national debt.

Kan, speaking in his first address to Parliament after taking office this week, said Friday that Japan, the world's second-largest economy, cannot continue to rely on issuing bonds to pay off its debts as its coffers shrink amid an aging and declining population.

Kan, who previously served as finance minister, said his government needs drastic reform to achieve fiscal health, while proposing tax reforms and elimination of wasteful spending.

The International Monetary Fund says Japan has the largest public debt among industrialized nations, at 218.6 percent of its gross domestic product in 2009.

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  • by Obama Snake Oil Co Location: Washington on Jun 11, 2010 at 10:36 AM
    This is exactly where we are headed as well. We maintain the worlds highest debt, not Japan. Mr Obama wants us to fail like Greece, its where he needs us to go for us to be socialists.
  • by "...Starts In The Home" on Jun 11, 2010 at 06:38 AM
    Gee, do you think maybe we have enough debt problems in THIS country? Do you think the housing crisis wasn't caused by the same thing? We need to focus on OUR debt more. (Obama is busily sweeping it under the rug)

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