Who really owns NZ? Our debt is now over $200 Billion and climbing. In ordinary times the government borrows billions of dollars from foreigners, local fund managers, insurers, banks, and individuals. Foreigners own over 60 percent of New Zealand government bonds. The Reserve Bank has been printing fresh cash to buy government bonds so they can replace the role of foreigners. In the end our debt does bring risks for our country though. Future risks lie around the re-emergence of faster inflation in coming years, accompanied by higher interests rates, which would drive up the costs government debt. Government Ministers will always put a positive spin on our growing mountain of debt but in the end politicians are only around for a short period of time. But our debt will be saddled around the necks of our future generations to service. If the debt cannot be re-paid in years to come, the question will then be. Which country/countries are we really in debt to? And will they take advantage of this situation?