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One of the things that make the debt of both France and the US hard to accurately gauge is the fact the the central banks of the EU and US hold some of these countries' debt. For the US, this is debt owed to itself. US debt held by the public is still bit less than 80% of GDP.

It's more complicated to calculate France's ownership in the ECB balance sheet, but it certainly holds some of France's debt - which is also indirectly owed to itself.

Of the three, the only country that has reserve currency status, and full control over that currency, is the US. That makes the debt load more manageable, but there are limits of course. A greater near term worry is high corporate debt.

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Here's a link to my past blogging (and discussions involving me) at: New APPS.


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