The cost of cleaning up the world's financial crisis is now at $11.9 trillion. The countries that make up the G20 will face a combined budget deficit of 10.2 percent of GDP in 2009.
This unimaginable total includes capital injections pumped into banks in order to prevent them from collapse, the cost of soaking up so-called toxic assets, guarantees over debt and liquidity support from central banks and amounts to 20 percent of the world's total annual economic output. This makes any previous repair bill for the global economy look minuscule in comparison.
The bulk of the amount comes from developed countries with a total of $10.2 trillion while developing nations contributed $1.7 trillion, the majority of which is in central bank liquidity support for their stuttering financial sectors reports the Telegraph.
The countries that make up the G20 will face a combined budget deficit of 10.2 percent of GDP in 2009, the biggest since the Second World War.
The largest deficit will be faced by the U.S. with 13.5 per cent of GDP.