As the rest of Europe staggers under its accumulated burden of debt, it is Russia that is emerging as the most dynamic place on the continent. According to data from McKinsey, gross levels of debt in Europe were about 300 percent of gross domestic product at the end of 2008, with debt levels higher in the worst offenders, such as Spain at 350 percent and the United Kingdom at 380 percent of GDP. The deleveraging process has only just started, and its resolution is likely to define a miserable decade for many countries.