An interesting diagram. Italy will the next elephant in the room. Off balance sheet debt can really do wonders.Some of the following countries may be in trouble, like Canada, Australia, or China. 2011 will be a more interesting year than 2010.
I believe every western countries (including Down Under) has a fair share of off balance sheet debt that is "difficult" to quantified at the moment. On top of that, creative accounting does help to prolong the life of an economy.
MyView
The danger could lie in two areas, one is the total foreign debts over GDP, which could cause a tsunami in the currency trades, and the other, as what Warren Buffet called it the weapon of mass destruction, Derivatives, that conveniently deemed as off balance sheet items.
Japan spends over USD4 trillion stimulus to revive its balance sheet over the last 15 years, the property prices is still around 87% from its peak, and stock market (Nikkei) is about 74% from its peak.
China is not far behind with its IOUs to the state government's SPV, funnily, the banks also owned by the government, how convenient.
I wonder whether there is another Tsunami this or next year. Well, everyone is certain that 2011 is a bullish year. Thanks to the QEs & zero interest and government guarantees.
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