Denmark passes debt milestone: Why not us too?

DENMARK passed a milestone yesterday when it cleared its foreign currency loans for the first time in at least 183 years. 

This does not mean the country is without debt, but rather that its debt is denominated in Danish currency, the krone.

From our perspective, this should provoke head-scratching and, in time, maybe influence how we order our affairs. Ireland owes around €185bn — America owes $20 trillion — but for a country with a little more than two million people in work, an over-dependence on tax from foreign companies and significant pension commitments, this is a substantial figure.