These 10 Countries Are Zooming Towards A Fiscal Crisis If They Don't Slash Spending

spain

Photo: anoldent on flickr

Right now deficits are all the rage with voters and governments across the world concerned by their ballooning size.The IMF has its Fiscal Monitor for November out and it points to particular countries at the centre of global worries in regards to debt and largess.

In order to get their house in order by 2030, the IMF has made fiscal adjustment recommendations that each country need follow over the next decade.

But the IMF has also cautioned at just how much each country will need to borrow in 2010, if current spending habits persist.

It makes for some foreboding reading, and the United States is not spared from the worry.

#10 Portugal

Projected fiscal adjustment from 2010-2020: 6.0% of GDP

Total financing need 2010: 38.4% of GDP

Source: IMF Fiscal Monitor

#9 Netherlands

Projected fiscal adjustment from 2010-2020: 6.1% of GDP

Total financing need 2010: NA

Source: IMF Fiscal Monitor

#8 Slovak Republic

Projected fiscal adjustment from 2010-2020: 6.8% of GDP

Total financing need 2010: NA

Source: IMF Fiscal Monitor

#7 France

Projected fiscal adjustment from 2010-2020: 7.5% of GDP

Total financing need 2010: 22.3% of GDP

Source: IMF Fiscal Monitor

#6 Greece

Projected fiscal adjustment from 2010-2020: 8.0% of GDP

Total financing need 2010: 18.2% of GDP

Source: IMF Fiscal Monitor

#5 Spain

Projected fiscal adjustment from 2010-2020: 8.4% of GDP

Total financing need 2010: 20.1% of GDP

Source: IMF Fiscal Monitor

#4 United Kingdom

Projected fiscal adjustment from 2010-2020: 8.8% of GDP

Total financing need 2010: 15.5% of GDP

Source: IMF Fiscal Monitor

#3 United States

Projected fiscal adjustment from 2010-2020: 11.6% of GDP

Total financing need 2010: 26.5% of GDP

Source: IMF Fiscal Monitor

#2 Ireland

Projected fiscal adjustment from 2010-2020: 11.9% of GDP

Total financing need 2010: 38.4% of GDP

Source: IMF Fiscal Monitor

#1 Japan

Projected fiscal adjustment from 2010-2020: 13% of GDP

Total financing need 2010: 53.0% of GDP

Source: IMF Fiscal Monitor

Concerned about these countries' debt?

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