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Are countries other than Greece adding to the sovereign debt crisis?

*Bloomberg, by James Hertling & Stephen Engle, March 31, 2011

”France’s Finances Are ‘No Better’ Than Spain’s

Government finances in AAA-rated France, the euro region’s second-biggest economy, are no better than in Spain, which is fighting speculation that it may succumb to the debt crisis, said Jim O’Neill, chairman of Goldman Sachs Asset Management.

‘Their debt position is no better than Spain and possibly worse,’ O’Neill said today in a Bloomberg Television interview in Nanjing, China, where he was attending a meeting on global monetary issues sponsored by the Group of 20 nations.

His comments underscored the urgency for French President Nicolas Sarkozy to curb a gross debt load that the International Monetary Fund predicts will climb to 86.4 percent of gross domestic product this year.  Spain’s debt will be 68.4 percent, according to IMF projections published in January.”


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