Could someone please explain to me why is all the media's focus always on the public debt and not the external debt when it actually seems to be the real indicator of how bad an economy is doing?
Let me explain what I mean, Public Debt (internal public debt+ external public debt), and external debt (external public debt + external private debt)
Example:
United Kingdom
The Public debt of United Kingdom is 88.7 % of its GDP but its External Debt is 413 % of its GDP
Ireland
The Public debt of Ireland is 118 % of its GDP but its External Debt is 1028 % of its GDP
Japan
The Public debt of Japan is 214 % of its GDP but its External Debt is 50.7 % of its GDP
So Japan seems be doing OK, though it has high public debt, because its government debt is mostly domestic, however, Ireland and United Kingdom though both are having lower Public debt seem to be more in trouble.
What do you think?