Bank for International Settlements

"Addressing overindebtedness, private as well as public," the BIS Annual Report says, "is the key to building a solid foundation for high, balanced real growth and a stable financial system. That means both driving up private saving and taking substantial action now to reduce deficits in the countries that were at the core of the crisis."BIS

The country at the core of the crisis was the good old USA. BIS thinks we are still in debt crisis.