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Japan's net financial liabilities used to take it off the hook. However, they too have soared, and now stand well above Greece's, at 140 per cent, and rising. Many will argue that although these ratios seem impossibly high, the debt is mostly domestically owned, and thus not vulnerable to jittery foreign financial markets, currency fluctuations and the like.
Canada's overall numbers are not as impressive, but they reflect the growth rotation that will see exports and business investment grab the baton from the consumer and housing sectors. Conditions already favour export growth: a weakening loonie, a surge in leading sectors, a key export market that is leading the way, and strong demand for resources.