To Whom Do We Owe This Money, Exactly?


I have followed the political debate about the austerity programme of cuts relatively closely over the last few months. I have been witness to countless television and radio debates in which the importance of our credit rating status, so that we may borrow money on better terms, is repeated with military-drummer-like regularity; in which any possible criticism of the assault currently under-way on public services is met with lachrymose alacrity by three words “our national debt”.

Equally, I have been amazed by the rarity of the question “to whom do we owe this money?” It is a fairly esoteric subject, but an important one nevertheless – don’t you think? Συνέχεια