Thursday, 30 October 2008

Great Gordon Brown cartoon

From Peter Brookes in the Times

Watch what they do, not what they say.(2)

Darling pledges business support

Gordon Brown puts up small business corporation tax by 16% from 19% to 22%


Nationwide October data out today

Nationwide have released their October data report today here.

The data shows a drop of 1.4% for the month with an annual change of -14.64%. House prices are now down from their peak in October 2007 of £186,044 by over £27,000 or -14.6%.

Good news for first time buyers looking to enter the market as house prices become more affordable. Not so good news for those who overstretched themselves and jumped on the property bandwagon in the last few years.

Dreadful news for all those property speculators who bought second and third properties. Tough. Serves them right for taking property off the market and forcing up prices for first time buyers. With almost 90% of buy to let mortgages being withdrawn from the market place and the government consulting on new landlord rules, now is not the time to be a property speculator.

Maybe Gordon Brown will now pay attention to speculative bubbles and act sooner to prevent them expanding rather than dithering around watching them BOOM and then BUST.

Fionnuala Earley on SKY 30th October 2008

At last Fionnuala Earley from Nationwide has confirmed what I said back in April 2008 here.

She has drawn the 'Treating Customers Fairly' joker.

Lending has been restricted over the last year, but not because of a lack of credit to lend. It has been restricted because lenders are fearful of being hung out to dry under TCF. They have lent too much to borrowers and now that house prices are falling are trying to reign that back in.

Watch her here

This is what I said back in April

4 - TCF or Treating Customers Fairly. TCF is a key principle and a practice any business should follow. However in the last year the regulator has majored on this as part of it's principles based regime. Basically TCF can be used to say to any mortgage adviser or lender - 'You have not treated your customer fairly by allowing such borrowing. You should compensate your customer' all done with hindsight. TCF is basically a principle that can be used to solve any of the regulator's problems, when they get around to noticing the problems.

So the withdrawal of 100% mortgages and the tightening of credit criteria is not to do with the credit crunch, but more to do with TCF in a falling housing market. Lenders know that they have lent too much money on a falling asset without checking incomes and are fearful of being hung out to dry.

We have now got to a point where it does not matter how much money is put into the market, the credit tightening will not relax.

And let us not forget that most of the credit tightening is only tightening the relaxed credit conditions of the last 6 years.

Wednesday, 29 October 2008

Bank of England mortgage approvals October 2008.

New data out for September 2008 here.

The usual commentary really.

Mortgage approvals for house purchase were 33,000 for September 2008 compared to 101,000 in September 2007 down 67%.

These are 1000 higher than August 2008 and must now signify the bottom of the approvals for home purchase.

EDIT - actually having thought about it a bit more this approval figure was before the recent banking crisis. I don't know anybody or any client who is now considering buying. So I predict that approvals will bottom at 20,000 in January 2009 and quickly recover to 35000 ish by April 2009, before a recovery to 80000 by October 2009.

Just goes to show how reckless the lending was. Gordon Brown was not the only irresponsible one here. Lenders have now adopted their old lending practices which include such crazy rules like-

checking incomes (barking mad)
capping borrowing at 4 times income (crazy tightness)
requiring a deposit (whatever next)
wanting to know how you intend repaying the mortgage (who thought that one up!)

If Gordon Brown wants lenders to lend again maybe he should mark all property down by another 20% and we can get on with sensible lending (see the 4 points above) on sensibly priced property.

If you are a first time buyer, your time is coming. Keep saving for your 5% deposit, because these deals will return in the later part of 2009. House prices will be down another 15%, mortgage deals will be equivalent to rent and the housing market will start a steady climb from Q4 2009.

Good luck.

Tuesday, 28 October 2008

Negative equity woes

There are reports today from the Bank of England that as many as 1.2 million homeowners face negative equity.

Having listened to SKY reporting this today, it is clear that SKY do not fully understand this.

SKY is reporting that negative equity is only a problem if you are trying to sell. This is not the case.

I'll use Abbey as an example of the problems of negative equity.

Let's say a borrower took out a fixed rate mortgage 2/3 years ago at around 5%. At the time the borrower put down a deposit of 5%.

Today your deal ends and Abbey look to put you on the Standard Variable rate of 7.09% an increase of almost 50% on your mortgage payments. If you are now in negative equity Abbey have no new deals for you and as you are in negative equity it is not possible to remortgage elsewhere.

So negative equity can cause problems even though the borrower may not be selling.

Land registry monthly data - October 2008

Latest data out today here showing another monthly fall of 2.2% with an annual fall of 8.0% now.

The graphs on page 12 show the full horror of house sales after a decade of Gordon Brown's debt binge.

To be honest this data is expected to show negative growth now as the data lags the Halifax and Nationwide data by between 3-6 months.

This data series will still be showing monthly falls 3 months or more after the Halifax starts publishing rising monthly prices again. that is not expected until Q4 2009.

1 year to go.

Monday, 27 October 2008

Gordon Brown more boom and bust squirming

Gordon Brown campaigns in Glenrothes - well sort of

There are reports over the weekend that Gordon has braved the campaign trail in this decisive by-election.

You may remember that last week his wife went door knocking in a bid to boost the Labour vote, so it will come as no surprise that she has trumped him again.

It would appear that Gordon does not even have the bottle to knock on the doors of Labour voters so he has met voters as described in the Guardian article.

The prime minister met six hand-picked Labour voters in a cafe owned by a party supporter next door to Labour's campaign headquarters in a tightly controlled encounter with voters ahead of the 6 November ballot.

I still can't believe that he is our leader.

Sunday, 26 October 2008

Gordon Brown joke

A driver is sat in a traffic jam on the motorway when another motorist comes down the queue and knocks on his window.

"What is the hold up" asks the driver

"Terrorists have captured Gordon Brown and Alastair Darling and are demanding a ransom of £10 million or they will douse them in petrol and set light to them. Some of the other motorists have suggested we start a collection, do you want to give?" comes the reply.

"How much are the others contributing?" asks the driver.

"About a gallon each" comes the reply.

Friday, 24 October 2008

On the brink

Third quarter GDP is in today and shows a fall of 0.5%. The previous quarter was flat at 0%.

Technically a recession is 2 consecutive quarters of negative growth, so we are not in a technical recession yet.

Most people on the street know that we are in a downturn. It does not matter if it is called a recession or not.

What is not in doubt is that the fourth quarter will show another fall and a technical recession.

Thursday, 23 October 2008

Skinner vs Osbourne

In case you missed the electricity between these two - I hope you enjoy this clip!!

Wednesday, 22 October 2008

Yvette Cooper gets grilled by Andrew Neil on UK debt

I think this must be Yvette Cooper's worst interview yet. AN corners her on household debt and she has no escape other than to trot out her usual well worn phrases.

Now I know she is not going to answer the question and of course she doesn't, but I think the problem is that the government believe their own spin that debt is not a problem.

If the government do not realise that household debt is a problem, then there is no hope for them to be able to steer us out of this recession.

Watch it here

You have to admire the political skills of Brown and Mandelson

Mandelson as EU trade commissioner mixes with a Russian aluminium tycoon and subsequently EU aluminium tarrifs are reduced.

George Osbourne mixes with same tycoon and comes away with no donation, having asked for no donation apparently.

Yet today the press are camped outside George Osbourne's house wanting more clarification on whether he asked for a donation or not.

Gordon Brown leaves the UK with an enormous debt mountain, a plummeting pound and a recession, yet the BBC business editor Robert Peston asks more question on the Osbourne/Ruskie story.

How do they do it?

Bloomberg warns of a ....

Double C recession


Tuesday, 21 October 2008

Gordon Brown Creates New Measure For Debt

reported here by Fraser Nelson, Gordon Brown has created a new measure for debt that hides the Northern Rock debt off balance sheet and allows him to claim he is still meeting his debt targets.

Are we surprised? Is there any figures that this PM will not fiddle?

Monday, 20 October 2008

Can Gordon Brown end early election speculation?

Trevor Kavanagh writing in the SUN today stokes the new early election speculation further, much to the annoyance of those at Labour Home.

If Labour supporters are keen to kill off any unnecessary speculation they should have a word with their leader.

Here is a clip of Gordon being asked a question last week about an early election. Note his inability to answer even this most simple of questions and leaving the viewer in no doubt that he is considering an early election. (again) Note the welcome return of the 'I'm getting on with the job' reply.

Homeowners to get support

The government have said that homeowners will get support to make sure they are not repossessed.

A feeling of deja vu came over me as I started to write this post. Ah here it is a post from the 23rd April 2008 saying the same thing.

So maybe this is an announcement every 6 months that homeowners should be given support, not spelling the support out and leaving it there.

The government knows that if they do not allow lenders to repossess as per the terms and conditions of the mortgage account, then the lenders will increase the risk rating of the mortgage lending and reduce even further the acceptable number of borrowers for mortgage lending.

If the government wants to help, they should allocate money to allow the housing associations first refusal on repossessions and allow the homeowners to become tenants. At what cost? Does it really matter any more? The government is spending money from budgets years ahead and borrowing the rest.

After all the biggest repo bank is Gordon Brown's Northern Rock.

Thursday, 16 October 2008

Gordon Brown's house price boom and bust

The second 'boom and bust' video

Gordon Brown's boom and bust

The first of two 'boom and bust' videos

The second video is here

Tuesday, 14 October 2008

Another quality Matt cartoon

another quality Matt cartoon

Nationwide withdraw mortgage products

Nationwide have confirmed more credit tightening

Mortgage brokers - all products at 85% Loan to Value (LTV) or less

In branch or direct

First time buyers - maximum 90% LTV 2 deals available

Remortgage, homemovers - maximum 85% LTV

existing customers moving home - SVR at 95% LTV, 2 deals at 90% LTV

Must e-mail SKY to persuade them to ask Fionnuala Earley of Nationwide how this affects mortgage availability.

Watch what they do, not what they say.

Last Wednesday the Bank of England cut the bank rate by 0.5% and Gordon Brown and Darling called on lenders to pass the rate cut on to borrowers.

Halifax, Woolwich, Lloyds TSB and Cheltenham & Gloucester all cut their Standard Variable Rate by the full 0.5% to 6.5%

What has Gordon Brown's Northern Rock done? Cut their Standard Variable Rate by a measly 0.19% to 7.34%. Almost a full percentage point higher than other lenders.

This will mostly affect those borrowers who are stuck with Northern Rock in negative equity, on the Standard Variable Rate and unable to remortgage away from them.

This government is all about putting out the right message and very rarely actually delivering.

Monday, 13 October 2008

Gordon Brown at his best will lead to his downfall

Gordon Brown is back to his best, striding confidently around the world stage his hand firmly on the steering wheel.

He is doing what he does best, taxing the country and spending the money. Although this time the money is being spent not on hospitals and schools but on banks.

Recapitalising the banks in this way has to work, it must work, the government will do all that is needed to make it work.

Let us assume that it does work. The Tories have jumped on board this train and can rightly claim to have supported Gordon Brown and his decisions to save the banking system.

Gordon will claim success, but so will the Tories. Experience was needed and we got that experience from both political sides. Unlike Northern Rock, Gordon will not be able to claim any political points.

So now that the banking crisis is solved and the dust settles we will see the true state of the UK economy compared to the rest of the world. Leaving America aside, we will compare badly.

We are the most indebted nation out there. I'm not talking about the government, however scary that is. The credit cards, personal loans and mortgage debt we have as a nation is huge. The taxpayer will not be able to spend the economy out of this mess.

All the time the global crisis is there, our true problems are hidden. Now that oil prices are back to year lows and assuming the banking crisis is resolved, Brown will not be able to hide amongst these global problems.

I have long thought that this whole Gordon Brown era was like the Emperor's new clothes. During the summer of 2008 the commentators started to realise he was naked, but have now had their heads turned again. It will not be long until we see the realisation again.

Sunday, 12 October 2008

48 hours until the government figures out the mortgage lending problem

In the press today there is speculation that the government will take stakes in various high street lenders in return for the lenders, lending to small business and house buyers.

Now I have blogged before on why mortgage lending is shot to pieces at the moment in this post, but to summarise

Gordon Brown presided over a mortgage industry that went from lending 3 times provable income with a 5% deposit to an industry that was lending 6 times income, not asking for proof of that income and lending 125% of the property value. A significant loosening of criteria. This pushed up property prices way above their true value.

With the FSA investigating, lenders have gone back to more sensible lending criteria.

The banks will take our tax payer money, the government will demand mortgage lending and the banks will say 'no problem - give us some borrowers with a 5% deposit and property at 4 times their provable income and we will lend'. Only then will the government figure out the problem.

Property prices are suspended at about 20% above where the lenders are lending, falling rapidly and will meet the demand later next year.

The government needs some ideas for how to help the property price and the finance meet quicker if it wants lending to resume sooner.

Time to buy index for September 2008

In September the index stands at 361 unadjusted(U) and 457 adjusted(A)

This gives a guide that house prices are around 36% over valued and that market sentiment pushes that to 45% over valued. DO NOT BUY

That is not to say that house prices will fall by either, but it gives an idea of the direction.

House prices have fallen this month which initially reduced the index. But residential fixed rates increased and buy to let rates increased significantly, which pushed the index up for the first time since June 2008.

With many buy to let deals being withdrawn this month and those that remain seeing large increases to the rates, the demand for property from this market is dropping fast.

The unadjusted index is now down from it's peak of 645 in July 2007


House prices to continue falling with the Halifax index bottoming at £140,000 in Q4 2009.

In my opinion mortgage lending criteria has pretty much returned to normal even though lenders are still lending above average multipliers and mortgage rates have again returned to a longer term normal level.

The ongoing financial crisis may lead to a collapse of the banking system and society as we know it. Assuming this does not happen, then lenders will never be returning to the days of lending with no deposit or income checks.

House prices are still suspended about 20% above the level of finance that the banks are willing to give out.

Buy to let as one of the key drivers of house prices still does not makes economic sense at current rates. This sector will most likely never return to the heady days of 2007 as the age of irresponsible lending is over.

Friday, 10 October 2008

Daily politics confirms Gordon Brown is psychologically flawed.

Today's Daily Politics was an absolute cracker with a psychologist describing Gordon Brown as deeply insecure and self harming by bringing Mandelson back.

watch the clip here

Watch the stunned other guests as she describes him as a compulsive spender with money he does not have.

Thursday, 9 October 2008

Why is Gordon Brown so happy at the moment?

Last night Gordon's speech is interrupted by a mobile phone ringing. At this time of national crisis, when investors are fearful of losing their life savings, Gordon thinks it is a good time for a joke.

What a disgrace.

Watch it here.

Halifax data out for September 2008

Month on month house prices are down 1.3%. The Halifax report house prices down 12.4% annually, but they calculate this using this quarter against the quarter a year ago.

The true yearly drop is 13.2% on a seasonally adjusted basis. September 2007 average house price was £198,533 against £172,108 for September 2008. A drop of £26,425 in a year.

The last 12 months has seen the biggest falls ever from the Halifax. The previous biggest 12 month fall was in October 1992 of -8.5%

House prices have fallen 13.8% from the peak in August 2007 13 months ago. It took from May 1989 to July 1995 for house price to fall 13.21% that is 74 months and the bottom of the last housing slump.

This housing crash is now worse than the 89-95 housing crash and we have only just got going.

The last time house prices were at this level was February 2006 at £173,095.

Crown prediction is still house prices to continue falling with the Halifax index bottoming at £140,000 in Q4 2009. A fall of 30% or £59,600 from the peak in August 2007. That would be house prices returning to levels last seen in Q4 2003.

Wednesday, 8 October 2008

A shock 0.5% interest rate cut!

Well sort of a shock.

I was anticipating a 0.25% cut tomorrow and then another in November with several more next year.

The Australians cutting 1% this week made it seem more likely that we would get a 0.5% cut ourselves.

The cut gave the markets a temporary lift, before falling back again.

Hopefully the banks will not pass this on to savers, encouraging savers to help capitalise the banks.

What odds another 0.5% next month?

Joey Jones of SKY NEWS nails Gordon Brown

Watch the clip below. Joey nails Gordon Brown a beauty and as flustered as ever Gordon trips on his words and wants to create a better spanking system. Great!

Where has Gordon left us after 11 years?

Courtesy of the CIA have a look at the list of countries below with their current account balances listed.

China would be expected to be heading the list with their huge population and Iceland at number 157 are in difficulty.

Can you guess where Gordon Brown has left the UK after 11 years. I'll give you a clue, you have to scroll down a long, long, long way.

These figures are estimates from 2007, before Gordon bought all the banks.

Rank Country Current account balance Date of Information

1 China $ 371,800,000,000 2007 est.

2 Germany $ 254,500,000,000 2007 est.

3 Japan $ 210,500,000,000 2007 est.

4 Saudi Arabia $ 86,620,000,000 2007 est.

5 Russia $ 78,310,000,000 2007 est.

6 Switzerland $ 72,350,000,000 2007 est.

7 Norway $ 64,070,000,000 2007 est.

8 Kuwait $ 47,500,000,000 2007 est.

9 Netherlands $ 47,310,000,000 2007 est.

10 Singapore $ 46,390,000,000 2007 est.

11 Sweden $ 37,970,000,000 2007 est.

12 United Arab Emirates $ 34,530,000,000 2007 est.

13 Taiwan $ 32,880,000,000 2007 est.

14 Algeria $ 32,050,000,000 2007 est.

15 Iran $ 28,950,000,000 2007 est.

16 Malaysia $ 28,930,000,000 2007 est.

17 Hong Kong $ 28,040,000,000 2007 est.

18 Libya $ 26,380,000,000 2007 est.

19 Venezuela $ 20,000,000,000 2007 est.

20 Thailand $ 14,920,000,000 2007 est.

21 Angola $ 13,580,000,000 2007 est.

22 Canada $ 12,670,000,000 2007 est.

23 Austria $ 12,030,000,000 2007 est.

24 Finland $ 11,400,000,000 2007 est.

25 Indonesia $ 11,010,000,000 2007 est.

26 Qatar $ 10,410,000,000 2007 est.

27 Azerbaijan $ 9,019,000,000 2007 est.

28 Argentina $ 7,438,000,000 2007 est.

29 Chile $ 7,200,000,000 2007 est.

30 Brunei $ 7,101,000,000 2007 est.

31 Philippines $ 6,351,000,000 2007 est.

32 Iraq $ 6,025,000,000 2007 est.

33 Korea, South $ 5,954,000,000 2007 est.

34 Trinidad and Tobago $ 5,378,000,000 2007 est.

35 Israel $ 5,197,000,000 2007 est.

36 Luxembourg $ 4,921,000,000 2007 est.

37 Oman $ 4,866,000,000 2007 est.

38 Uzbekistan $ 4,615,000,000 2007 est.

39 Denmark $ 4,279,000,000 2007 est.

40 Belgium $ 3,282,000,000 2007 est.

41 Bahrain $ 2,907,000,000 2007 est.

42 Nigeria $ 2,514,000,000 2007 est.

43 Botswana $ 1,973,000,000 2007 est.

44 Bolivia $ 1,796,000,000 2007 est.

45 Brazil $ 1,712,000,000 2007 est.

46 Turkmenistan $ 1,705,000,000 2007 est.

47 Gabon $ 1,552,000,000 2007 est.

48 Peru $ 1,516,000,000 2007 est.

49 Burma $ 1,427,000,000 2007 est.

50 Timor-Leste $ 1,161,000,000 2007 est.

51 Ecuador $ 1,064,000,000 2007 est.

52 Syria $ 908,000,000 2007 est.

53 Namibia $ 805,200,000 2007 est.

54 Bangladesh $ 804,700,000 2007 est.

55 Egypt $ 500,900,000 2007 est.

56 Equatorial Guinea $ 415,000,000 2007 est.

57 Cuba $ 240,000,000 2007 est.

58 British Virgin Islands $ 134,300,000 1999

59 Papua New Guinea $ 125,800,000 2007 est.

60 Paraguay $ 119,000,000 2007 est.

61 Bhutan $ 116,000,000 2007 est.

62 Nepal $ 58,000,000 2007

63 Lesotho $ 49,000,000 2007 est.

64 Cook Islands $ 26,670,000 2005

65 Suriname $ 24,000,000 2007 est.

66 Palau $ 15,090,000 FY03/04

67 Comoros $ 8,000,000 2007 est.

68 Guinea-Bissau $ -6,000,000 2007 est.

69 Tuvalu $ -11,680,000 2003

70 Kiribati $ -21,000,000 2007 est.

71 Mongolia $ -23,000,000 2007 est.

72 Tonga $ -23,000,000 2007 est.

73 Samoa $ -24,000,000 2007 est.

74 Swaziland $ -24,000,000 2007 est.

75 Micronesia, Federated States of $ -34,300,000 FY05 est.

76 Anguilla $ -42,870,000 2003 est.

77 Belize $ -43,000,000 2007 est.

78 Sao Tome and Principe $ -55,000,000 2007 est.

79 Kosovo $ -58,300,000 2007

80 Vanuatu $ -60,000,000 2007 est.

81 Sierra Leone $ -63,000,000 2007 est.

82 Gambia, The $ -71,000,000 2007 est.

83 Dominica $ -72,000,000 2007 est.

84 Central African Republic $ -77,000,000 2007 est.

85 Burundi $ -101,000,000 2007 est.

86 Cape Verde $ -132,600,000 2007 est.

87 Grenada $ -138,000,000 2007 est.

88 Solomon Islands $ -143,000,000 2007 est.

89 Cote d'Ivoire $ -146,000,000 2007 est.

90 Rwanda $ -147,000,000 2007 est.

91 Saint Vincent and the Grenadines $ -149,000,000 2007 est.

92 Guyana $ -157,000,000 2007 est.

93 Togo $ -159,000,000 2007 est.

94 Saint Kitts and Nevis $ -163,000,000 2007 est.

95 Chad $ -171,000,000 2007 est.

96 Mauritania $ -184,000,000 2007 est.

97 Uruguay $ -185,600,000 2007 est.

98 Saint Lucia $ -199,000,000 2007 est.

99 Eritrea $ -205,000,000 2007 est.

100 Antigua and Barbuda $ -211,000,000 2007 est.

101 Djibouti $ -212,000,000 2007 est.

102 Liberia $ -224,000,000 2007

103 Zambia $ -228,000,000 2007 est.

104 Macedonia $ -249,000,000 2007 est.

105 Barbados $ -254,000,000 2007 est.

106 Kyrgyzstan $ -267,900,000 2007 est.

107 Seychelles $ -272,000,000 2007 est.

108 Laos $ -285,000,000 2007 est.

109 Malawi $ -318,000,000 2007 est.

110 Niger $ -321,000,000 2007 est.

111 Cameroon $ -325,000,000 2007 est.

112 Tajikistan $ -351,000,000 2007 est.

113 Yemen $ -362,000,000 2007 est.

114 Congo, Democratic Republic of the $ -402,000,000 2007 est.

115 Mauritius $ -408,300,000 2007 est.

116 Guinea $ -424,000,000 2007 est.

117 Malta $ -424,500,000 2007 est.

118 Benin $ -441,000,000 2007 est.

119 Mali $ -446,000,000 2007 est.

120 Haiti $ -467,000,000 2007 est.

121 Maldives $ -472,000,000 2007

122 Cambodia $ -506,300,000 2007 est.

123 Fiji $ -507,000,000 2007 est.

124 Armenia $ -571,400,000 2007 est.

125 Zimbabwe $ -649,000,000 2007 est.

126 Moldova $ -694,700,000 2007 est.

127 Burkina Faso $ -706,000,000 2007 est.

128 Uganda $ -744,700,000 2007 est.

129 Mozambique $ -795,100,000 2007 est.

130 Ethiopia $ -826,800,000 2007 est.

131 Madagascar $ -890,000,000 2007 est.

132 Tunisia $ -905,000,000 2007 est.

133 Nicaragua $ -1,001,000,000 2007 est.

134 Sri Lanka $ -1,019,000,000 2007 est.

135 El Salvador $ -1,119,000,000 2007 est.

136 Kenya $ -1,147,000,000 2007 est.

137 Albania $ -1,202,000,000 2007 est.

138 Honduras $ -1,225,000,000 2007 est.

139 Bahamas, The $ -1,442,000,000 2007 est.

140 Senegal $ -1,458,000,000 2007 est.

141 Congo, Republic of the $ -1,491,000,000 2007 est.

142 Costa Rica $ -1,499,000,000 2007 est.

143 Ghana $ -1,549,000,000 2007 est.

144 Panama $ -1,577,000,000 2007 est.

145 Guatemala $ -1,663,000,000 2007 est.

146 Jamaica $ -1,830,000,000 2007 est.

147 Morocco $ -1,834,000,000 2007 est.

148 Tanzania $ -1,856,000,000 2007 est.

149 Bosnia and Herzegovina $ -1,939,000,000 2007 est.

150 Georgia $ -2,044,000,000 2007 est.

151 Lebanon $ -2,046,000,000 2007 est.

152 Cyprus $ -2,144,000,000 2007 est.

153 Slovenia $ -2,181,000,000 2007 est.

154 Dominican Republic $ -2,231,000,000 2007 est.

155 Jordan $ -2,767,000,000 2007 est.

156 Belarus $ -2,876,000,000 2007 est.

157 Iceland $ -3,189,000,000 2007 est.

158 Sudan $ -3,447,000,000 2007 est.

159 Estonia $ -3,771,000,000 2007 est.

160 Slovakia $ -3,998,000,000 2007 est.

161 Czech Republic $ -4,534,000,000 2007 est.

162 Croatia $ -4,850,000,000 2007 est.

163 Lithuania $ -5,260,000,000 2007 est.

164 Mexico $ -5,525,000,000 2007 est.

165 Colombia $ -5,862,000,000 2007 est.

166 Ukraine $ -5,918,000,000 2007 est.

167 Latvia $ -6,231,000,000 2007 est.

168 Serbia $ -6,889,000,000 2007 est.

169 Vietnam $ -6,993,000,000 2007 est.

170 Kazakhstan $ -7,184,000,000 2007 est.

171 Hungary $ -8,018,000,000 2007 est.

172 Pakistan $ -8,255,000,000 2007 est.

173 Bulgaria $ -8,530,000,000 2007 est.

174 New Zealand $ -10,230,000,000 2007 est.

175 India $ -12,110,000,000 2007 est.

176 Ireland $ -14,120,000,000 2007 est.

177 Poland $ -15,910,000,000 2007 est.

178 South Africa $ -20,630,000,000 2007 est.

179 Portugal $ -21,750,000,000 2007 est.

180 Romania $ -23,020,000,000 2007 est.

181 France $ -31,250,000,000 2007 est.

182 Turkey $ -37,580,000,000 2007 est.

183 Greece $ -44,400,000,000 2007 est.

184 Italy $ -51,030,000,000 2007 est.

185 Australia $ -56,780,000,000 2007 est.

186 United Kingdom $ -119,200,000,000 2007 est.

187 Spain $ -145,300,000,000 2007 est.

188 United States $ -731,200,000,000 2007 est.