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70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
-10<br />
-20<br />
Heyday <strong>of</strong> <strong>the</strong> Danish model 2003-2006<br />
- debt constraint removed!<br />
Public net foreign debt<br />
Germany<br />
US<br />
Denmark<br />
2001 2002 2003 2004 2005 2006 2007 2008 2009<br />
Belgium<br />
Italy<br />
Greece<br />
US<br />
Luxembourg<br />
Slovak Republic<br />
Czech Republic<br />
Sweden<br />
Denmark<br />
Finland<br />
Poland<br />
Spain<br />
Ne<strong>the</strong>rlands<br />
Austria<br />
Ireland<br />
Germany<br />
United Kingdom<br />
Hungary<br />
Portugal<br />
France<br />
Government debt 2010<br />
(Maastricht-defintion)<br />
0 20 40 60 80 100 120 140<br />
Source: OECD, Economic Outlook no. 87
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