An independent Scotland could be saddled with a "terrifying" £110 billion national debt, leaving the country's finances on a par with Greece and Portugal, a leading economic think tank has warned.
The Institute of Economic Affairs (IEA) said Scottish ministers could have to carry out a stringent programme of cuts to manage the debt, which is on about the same scale as Scottish GDP.
Scotland Office minister David Mundell said the figures showed the "enormous cost" to Scotland of breaking away for the UK.
But a spokesman for First Minister Alex Salmond branded the figures "flawed" and insisted North Sea oil and gas wealth was a £1 trillion asset, worth ten times Scotland's share of UK debt
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