World debt at $250 trillion is 3x global GDP – an all-time record. If we included unfunded liabilities and derivatives, total debts and liabilities amount to over 25x global GDP.

There is no “savings glut” or fiscal space in the eurozone:

• Households Debt 93.5% of gross income vs average of 88.9% 1999- 2017 (56% of GDP).
• Corporate debt 96% of GDP, a 56% debt/equity ratio and weakening solvency ratios (Moody’s)
• Government spending 47% of GDP, debt/GDP 86%

There is no savings glut in Germany either, nor fiscal space. Only a “not as bad as other eurozone” countries’ situation.

• Households Debt 83.73% of gross income.55% of GDP
• Total private debt 147.60% of GDP
• Government spend 44.5% GDP, debt/GDP 60.9%