The Top 10 Countries in the Most Debt
The most indebted countries in the world form an orderly IOU queue for our top 10.
With so many economies struggling in the financial downturn, it is always worth wondering just how badly indebted are the major countries of the world. You would presume that the small underdeveloped countries would be the most in debt debt, but the opposite is in fact true.
The following list shows the top 10 countries in debt (figures correct at the time of writing unless stated otherwise.).
United States of America $13,399,859,000,000
The richest country in the world is also the most in debt. The United States is an astonishing $13.3 trillion in debt as of June 2009, putting each American citizen approximately $43,000 in debt.
United Kingdom $9,191,104,000,000
Considering the UK has a relatively small population, the uk’s debt stands at £150,000 per person. More than three times that of the average American.. With a relatively small population, the UK’s debt per capita stands at $150,000, more than three times the debt of the average American. Huge loans for mortgages on inflated housing prices are a contributing factor to the UK’s massive debt.
Germany $5,208,000,000,000
Germanys dept is alot lower than it could be. In 1953 Germany had its external debt significantly slashed by the London Agreement and war reparations were also reduced as a debt relief effort for the German economy to recover. Even so, the country is still the third highest in the world for external debt.
France $5,021,000,000,000
France is not too far behind Germany.. The French owe over $5 trillion as of June 2009. France is still the fourth most indebted country, despite having the fifth largest economy in the world and a prominent standing in the EU.
Spain $2,478,000,000,000
Spain has half the external debt of France and one fifth of the hige debt of America..
Luxembourg $1,994,000,000,000
For such a tiny country, Luxembourg has managed to accrue an extraordinary level of debt. By 2010 estimates, each citizen owes nearly $4 million (ouch) by far the highest debt per capita in all of Europe.
Republic of Ireland $1,841,000,000,000
In recent years Ireland has transformed its economy from a tradition of agriculture to modern business. Despite its improving status among the European Union states, Ireland is still heavily in debt to the tune of $1.8 trillion.
Japan $1,492,000,000,000
Another country affected by the second world was was Japan. They agreed to pay $11 billion, although this amount was later changed.. Even so, Japan has $1.4 trillion of debt since June 2007.
Switzerland $1,340,000,000,000
Despite an “extended loan” of Nazi gold in the Swiss banks, the country still managed to rack up $1.3 trillion. Switzerland also has the third highest debt per capita in Europe with $174,000 per person.
Belgium $1,313,000,000,000
Belgium is famous for beer chocolate and now huge debt!. The tenth most indebted country in the world owes $1.3 trillion approximately 350 per cent of the country’s GDP. As one of the smaller countries in the EU, Belgium has also managed to rack up $126,000 of debt per person.
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