Public debt clock now in Warsaw

The most famous public debt clock hangs on the Times Square in New York, showing US debt. In October 2008 the clock reached its 13-number scale. A temporary solution was found quickly and dollar symbol was replaced with a new digit. Times Square clock was installed in 1989 by developer Seymour Durst in order to direct federal government's attention to this issue (debt then: 2.7 billion of dollars, now: over 13 billion of dollars).

Few days ago similar clock was hanged in very centre of Warsaw by the former minister of finance and chairman of National Bank of Poland - prof Leszek Balcerowicz (known for post-communism economic transformation program, so-called shock therapy in the 1990s.).

Every minute Polish public debt increases by 100 000 PLN (over 30 000 $). Organizers of the debt clock action are sounding the alarm and want to make Poles aware of the debt and perils. Polish government estimates that in 2010 public debt will reach 53.2% of GDP.

Polish debt is much smaller than debt of Western Europe and USA, but considerable when compared with debt of other countries in Central & Eastern Europe having similar level of development: