Top 10 countries with highest debt

  Top 10 countries with highest debt

                                  

10) Ireland ($233 billion)

Beautiful European nation Ireland is around $233 billion in debt. It means, every person in Ireland has a debt or approximately $50,000 each. Many farmers in Ireland are affected by this situation. Income from agriculture sector is so low that farmers are compelled to use their profits to pay off crippling debts. Many loan companies are preying on these debt-ridden farmers.

                        

9) Greece ($574 billion)

Greece is currently under recession. Its current debt is around $574 billion. Greek interior minister Nikos Voutsis told Greek TV recently that the nation cannot make a repayment to the IMF due in the month of June. He said that money cannot be given because there is no money to be given. Greek’s economic situation has been impacting the European stock markets negatively.

                        

8) Netherlands ($530 billion)

Netherlands’ debt is around $530 billion. The housing sector is affected very much. However the nation is slowly recovering from the crisis. It recorded a Government Debt to GDP of 68.80 percent of the nation’s GDP in 2014. Government Debt to GDP in Netherlands averaged 59.85 percent from 1995 to 2014.

                       

7) Spain ($1 trillion)

Global recession in the later part of the first decade of the twenty first century had a negative impact on Spain’s economy. The nation owes a debt of around $1 trillion, which amounts to $24,000 per Spanish citizen. Currently the nation is on the way to recovery.

                        

6) France ($2 trillion)

The population of France is 65,633,194. The nation has around $40,000 per citizen in debt. That is, it has a debt of more than $2 trillion. The interest per year is 66.6 billion euros that is 2,113 euros per second. Debt as percentage of GDP is 94.67 percent.

                  

5) Germany ($2.1 trillion)

Germany houses the European Central Bank. It has the world’s fourth largest economy by nominal GDP and fifth largest by PPP. It is a global leader in many industrial and technological sectors. This powerful nation’s debt is $2.1 trillion, which is around $27,000 per citizen.

                    

4) United Kingdom ($2.3 trillion)

United Kingdom’s budget deficit as of this year is significant. Its debt amounts to $2.3 trillion, which is 81.58 percent of the total GDP. The national debt is increasing at the rate of around 2 billion pounds each week. The government has to take steps to remedy the situation without further delay.

                     

3) Italy ($3 trillion)

Italy’s debt is around $3 trillion. As per Bank of Italy reports, citizens of Italy held 180 billion euros in undeclared assets abroad. It is three times more than the number in 2004. The economic situation of Italy is definitely not good. Many economists believe that the situation cannot be remedied in the near future.

                       

2) Japan ($10 trillion)

Unfortunate events like tsunami and nuclear plant meltdown have driven Japan to a debt of $10 trillion. That is $80,000 per citizen. In 2011, Moody’s cut Japan’s long-term sovereign debt rating by one notch to Aa3 from As2. The good news is that the leaders of this nation are taking appropriate steps to handle the crisis. For instance the government is planning to boost the national sales tax in 2017.

                       

1) United States ($18.4 trillion)

In recent years, the US has supported other governments in aid and war efforts. It has spent plenty of money to combat global terrorism. It has taken many steps to ensure national security. It continues to come up with welfare schemes for the people. All this has resulted in a huge debt for the US. As on  today, the gross federal debt is about $18,471,090,985,000. This is as per the United States Department of the Treasury reports. This number does not include state and local debt. It does not include the so called unfunded liabilities of entitlement programs like social security and Medicare.