Its interesting that out of the 10 largest developed economies the only country's to start de=leveraging are U.S, South Korea and Australia the rest have increased there leveraged some significantly. China isn't in the list of developed economies but i assume they show allot of de-leveraging put on by government policies set out to slow the economy and at the same time the natural slowdown. Much more de-leveraging to go yet especially in Australian public debt. Spain especially who in 2008 was already at a debt/gdp of 145% and since then has only increased it 26%... could this be the large loans put on them by the IMF and EU? debt servitude? Great article lots of good charts.
