Australia’s foreign debt has grown at around 6 per cent (or $60 billion) annually over the past four years. Patrick J. Byrne reports.Australia’s slow march to banana republic status continues, while Joseph Stiglitz, one of the world’s leading economists, has warned what happens to nations when foreign debts get out of hand.Australia’s net foreign debt now exceeds $610 billion, or 61 per cent of gross domestic product (GDP), and is growing twice as fast as the economy.Australia’s GDP has been gro…
