PHOTO: Agencies
If you thought you heard this headline a couple of weeks ago, you would be right… and wrong, because Hungary made the same statement awhile back. Now the Prime Minister of Japan has also came out made it public as well. Now this isn’t really “new” news as Japan has been struggling to get its debt under control for over a decade but what is interesting is that the head honcho himself has come out and said it himself. That must mean its getting a little too hot in the kitchen for Japan to handle.
Japan’s new prime minister warned Friday that his country could face a financial mess like that of Greece if it did not deal urgently with its swelling national debt. Naoto Kan, speaking in his first address to Parliament after taking office Tuesday, said Japan, the world’s second-largest economy, cannot continue to let government debt swell while state finances are under pressure from an aging and declining population.
“It is difficult to sustain a policy that relies too heavily on issuing debt. As we have seen with the financial confusion in the European community stemming from Greece, our finances could collapse if trust in national bonds is lost and growing national debt is left alone,” he said.
– Agencies
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