All are screwed

The chart shows officially stated liabilities, and real liabilities computed with an adjustment for loan/deposit ratio over the two period of the loan term length..

Spain is doing the best! What a surprise! So why is Spain stuck with a 5% deficit/GDP? I have no idea, but someone should educate the voters there, do not make it worse.

This chart likely includes state liabilities for the USA, I hope. If not, then it is a complete fraud and we are in much worse shape.