After US the Deluge? Georgia swift to follow into America's debt steps
The Republic of Georgia is trying to model itself after the US in any way it can. Tbilisi can now celebrate, just like Washington: it has amassed a spiraling foreign debt. Money is being borrowed, but where is it all going? Anyone who has ever received a hefty credit card bill will know the pain of paying off debts. Georgia could owe up to $800 million by 2013 after a spending splurge that has left it with mounting foreign debt.