Quote of the Week

Vulnerable

Brian Fallow, writing in the NZ Herald, summarises the Government's announcement today that New Zealand's debt situation is now clearly much worse than it was six months ago.  He writes: 

Perhaps the scariest numbers released today are the forecasts for the country's (as opposed to the Government's) net overseas liabilities. They are expected to climb from $166 billion now to $221 billion or 90 per cent of GDP in five years.

 Then comes the money quote:

In a debt-averse post-global financial crisis world, that is more than an Achilles heel. It's an entire leg.

On the nail, Brian.