Ireland’s Private Debt Problem

You saw the chart about two weeks ago on Developed economies’ debt levels by sector. Different economies have different debt problems. A few like Greece have public sector debt woes. And this is the sort of problem that forces a default only when the country is a currency user (and not a monopoly issuer of currency) as Japan has demonstrated. Mostly, however, the problem is in the private sector, where all of the indebted parties are currency users.

Ireland wasn't in those charts but Ireland's problem is private sector debt. An article in the Irish Independent that I think is significant highlights the dilemma.

THE Government is too focused on the question of public debt when it needs to concentrate on private indebtedness, according to a leading economist.

Speaking at an ec...

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