Word: megadebtor
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There are limits to how far foreign investors can back away from American investment opportunities these days. The U.S. has become a megadebtor like Brazil and Mexico: American obligations are so great that creditors must help extend U.S. indebtedness to avoid damage to their own economies and investments. With Japanese domestic savings estimated at $1 billion or so a day, there is simply no other non-Japanese financial market large enough to absorb the sums available for investment. Besides, the current yield of long- term Treasury bonds (more than 9%) is roughly 3 percentage points higher than that paid...
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