How It's Used

"Japan has experienced a crisis of identity as a result of four factors. First, its economic malaise has yielded slow to no growth, persistent deflation, and the highest debt-to-GDP ratio in the developed world."

"Last year, Greece's debt topped 115% of GDP—and it is rising. The country's debt is now projected to peak at 140% of GDP in 2014. Greece needs massive cuts in public spending and increases to government revenue to get control of the debt load. Greece's finance minister, George Papaconstantinou, said the government will freeze public-sector wages, raise sin taxes, increase its value-added tax, impose a new levy on businesses, cut pension payments and raise retirement ages for some public-sector workers. The measures are similar to proposals announced earlier this year, but more drastic."

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