BBC: China has ordered a nationwide audit of all government debt, underlining fears that the recent slowdown in its economy may impact the financial sector. Local governments in China borrowed heavily after the global financial crisis to try to sustain growth rates. The last audit, published in 2011, showed they had debt of 10.7tn yuan ($1.7tn; £1.1tn) by the end of 2010. Debt may threaten China's growth, and there are growing fears that local governments may not be able repay.THIS MAY VERY WELL BECOME THE STRAW THAT BREAKS THE GLOBAL ECONOMY'S BACK.
DETROIT ON A MASSIVE SCALE.
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