Contagion: Spain's public debt adds up to only 70% of its annual gross domestic product, compared with 84% in Germany, 82% in Britain, & 94% in U.S.

From The Washington Post:

The herd selling seen on both sides of the Atlantic is typical of financial contagion and shows how these crises feed on investor psychology, not just economic fundamentals.

In the case of Spain, the country's public debt only adds up to about 70 percent of its annual gross domestic product, compared with 84 percent in Germany, 82 percent in Britain, and 94 percent in the United States.

But with 20 percent unemployment and a generous set of social welfare benefits, Spain is running a higher annual budget deficit than those other countries -- 11 percent, compared with 2.3 percent in Germany.