EFTA Document EFTA01451006

II December 2013 GEM Equity Strategy Outlook 2014 Debt situation is becoming critical to; materials and industrials sectors The debt levels of the Industrials and Materials sectors reveal how close the entire system is to reaching a tipping point. The balance sheet leverage of both sectors has risen sharply since 2008 (Figure 34 and Figure 35) despite a level of capital expenditure which has generally been falling relative to sales (Figure 36 and Figure 37). The implication is that whilst