3. Excessive Debt Levels
900 Gross debt in selected advanced economies, 2012 (% of GDP)
800
700
Financial Institutions
600
Nonfinancial Firms
500 Households
General Government
400
300
200
100
0
Source: IMF, DB Global Markets Research 7. november 2012 / page 3
4. Excessive Debt Levels
900 Gross debt in selected advanced economies, 2012 (% of GDP)
800
700
Pension Liabilities
600
Financial Institutions
500 Nonfinancial Firms
Households
400 General Government
300
200
100
0
Source: IMF, DB Global Markets Research, Freiburg Universität and own research 7. november 2012 / page 4
10. The Ugly and the Beautiful Way!
United States Euro area
104
103
102
101
100
99
98
97
96
95
94
2008 2009 2010 2011 2012
Real GDP, 2008 = 100
Source: OECD 7. november 2012 / page10