Germany, hidden debt of 5,000 billion Euro?

In addition to a debt of 2,000 billion euro, Germany seems to have other financial obligations of extra 5,000 billion because of shortages of social funds insurances and pensions, according to Professor Bernd Raffelhueschen.

Germany apparently has a hidden debt of 5,000 billion euros, therefore the public debt is much higher than that officially announced, according to German newspaper Handelsblatt, citing the estimates of a professor of economics at Freiburg University.

According to IMF records,Germany’s debt accounted last year for 74% of GDP. IMF expects German economy to feature a 2.7% growth in 2011 and an 1.3% in 2012.

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History: Germany should keep in mind that it was the largest debtor of the twentieth century

Historian Albrecht Ritschl, a business expert and professor at the London School of Economics, said that Germany is yet to remain the undisputed champion of public debt in the 20th century. It has already three “penalties”. All forgiven, but not entirely forgotten. Germany’s current financial stability is due to Americans, who gave up huge amounts of money after both world wars mainly for the reconstruction of Europe and Germany. “It’s just that people forget too often these issues,” said historian Ritschl.