The phenomenon is new. Between 2009 and 2010, the debt of most developed countries will literally fly. The average debt of countries of the Organization for Economic Cooperation and Development (OECD), representing 73.1% of GDP in 2007 should reach 100% by 2011. Clearly, the average debt of OECD countries will equal then the total wealth of a country.
The situation varies across countries, but developed countries are most affected. Japan's debt will jump by 167% to 204%. The France should increase from 70% to 99% and Greece of 103% to 130%. Even Germany, a model under budget, will increase its debt by 65% to 85.5% of GDP. It is well beyond the 60% set by Maastricht.