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Public Debt Ratios in G7 Markets 300 % of GDP 250 200 150 100 50 G7 GOVERNMENT GROSS DEBT 1 90 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Canada (AAA) France (AA) Germany (AAA) Italy (BBB) Japan (A+) 200 % of GDP 150 100 50 G7 GOVERNMENT NET DEBT1 0 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 Canada (AAA) France (AA) Germany (AAA) - Italy (BBB) 1 Sources: Scotiabank Economics, IMF, Standard & Poor's 24 25 24 UK (AA) 26 27 28 U.S. (AA+) 20 20 21 22 23 24 25 26 27 28 Japan (A+) UK (AA) U.S. (AA+) 64

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