Despite the fact that we have the worst balance between private and public sector debt already.

Try it with private sector non-financial debt, and then you'll see the real problem.

The fundamental that's missing is a real attack on the public sector debt.

The problem of including financial sector debt is that it results in double counting.

But not if you take into account the levels of private sector debt.

We all know the current Government has an obsession with public sector debt.

Belgium's new government, faced with high public sector debt, needs low borrowing costs.

Meanwhile the financial sector debt in Britain spirals out of control.

Prior to the crisis the market did not see any sizeable difference between these countries despite very different levels of public and private sector debt.

We all know our kleptocratic Government has an obsession with public sector debt.