The ratio of government debt to GDP (national output) for the nations most at risk in the debt tsunami are:

Ireland - 40%
U.K. - 45%
Spain - 55%
U.S. - 60%
Germany - 65%
Portugal - 70%
France - 70%
Greece - 110%
Italy - 120%
Japan - 160%

"Greece’s borrowing costs rose to a record high on Tuesday amid concern in financial markets over the differences between eurozone countries on the details of any rescue.

The interest rate premium Athens pays over benchmark German bonds rose to more than 4 percentage points, its highest level since Greece joined the eurozone. ..."

Read more:

http://www.ft.com/cms/s/...-81b4-00144feab49a.html

Gold is playing its historical purpose of a hedge against instability of the nation state.

Greece is the tail that is wagging the Euro dog. The Financial Times of London reports that the four of the nation's largest banks are experiencing capital flight and are in dire need of funds. In addition, the National Bank of Greece is providing a "Solidarity Account" for members of the public with an opportunity to help pay off the nagging national debt.

"Renewed concerns over the Greek debt crisis saw the euro drop to its lowest level against the dollar in more than a week on Wednesday.

But euro investors should not be too fearful.

After all, there’s always the prospect of investing in assets that are notching up successive euro-denominated highs.

The latest being gold, which struck a euro-denominated record of €858.98 on Wednesday...."

Read more:

http://ftalphaville.ft.c...nated-highs-of-the-day/

Appears some people share your sentiments.

US debt is that American debt is at the bottom of the list of ten measuring “The World’s Safest Sovereign Debt” Two other large world economies closely allied with the US, the UK and Japan, do not make the list at all. US debt dropped three places from an earlier report, more than any other company in the top ten.

Read more below:

http://247wallst.com/201...soverign-debt-risk-list/

Hey KK. I saw something different in the balance sheet of the Central Bank of Kenya. On the liability side there's something called Foreign Liabilities. Any idea what that could be? I know foreign assets are foreign exchange but what are these foreign liabilities that the CBK is now including? It in the document below:

http://www.centralbank.g...tions/mer/2010/Feb10.pdf

Emerging out of a Greece-y weekend is a $30 billion bailout by the EU and IMF. Debt to solve the nagging problem of debt.

"LONDON (MarketWatch) -- Euro-zone nations on Sunday put meat on a rescue package of loans that Greece can tap, for the first time announcing the size and the rate of loans that the troubled country can potentially access.

As with the plan announced last month, euro-zone nations and the International Monetary Fund will jointly provide the loans. The European countries said they are willing to provide as much as 30 billion euros of assistance...."

Read more:

http://www.marketwatch.c...10-04-11?dist=bigcharts