The World Championships Of Debt

photo by epikaira

Japan has the highest debt to GDP ratio in the world, but Ireland is ranked as being first on total-public and private debt, as well as foreign debt, according to a report on the electronic edition of the BBC (BBC Mobile). Greece has the largest public debt as a percentage of GDP in the EU, but comes fourth in external debt, which includes public and private debt owed to banks and other institutions abroad.

The report recorded the debts from ten countries, with a high percentage of debt – seven of which are Eurozone members (namely Greece, Ireland, Portugal, Spain, Italy, Germany and France) while it included figures for countries such as the US, Japan and Britain. 

The debt of Japan reaches 233% of GDP but is mostly held by foreigners, resulting in a lower dependence on foreign borrowing. Greece has a debt that equals 166% of the GDP, Italy 121%, Ireland 109% Portugal 106% the US 101%, France 87%, Germany 83 % and Spain 67%.

By far, Ireland has the largest foreign debt, which reaches the astronomical figure of 1,093% of its GDP, almost 12 times the gross national product of the country. Coming in second place is Britain with its debt of public and private sectors to foreign creditors – banks and other agencies – that reaches some 436% of GDP and next comes Spain with 284% of GDP. 

In fourth place is Greece with 252% of GDP and following close behind is Portugal with 251% of GDP. 

France and Germany have high external debt of 235% and 176% of GDP respectively, suggesting high borrowing from the private sector. 

Italy has an external debt equal to 163% of GDP, but has a lower external debt from the US or some 101% of GDP. Finally, Japan has 50% of GDP.

Ireland also has the highest per capita foreign debt, as the Irish have an average amount of 390,969 EUR. In second place is Britain with a debt of 117,580 EUR, the French with 66 508 EUR, the Germans with 50,659 EUR, followed by the Greeks with 38,073 EUR per capita foreign debt and the Japanese have the lowest figure or 15,934 EUR.

The article also notes the debt of other countries (no data was given on debt to non-bank entities and debts in China). According to these figures, the US owes 835 billion to Japanese banks and 834 billion to banks in the UK, while Japan owes approximately 244.8 billion to US banks and 107.7 billion euros to French banks.

Greece apparently owes 41.4 billion EUR to French banks, 15.9 billion EUR to German banks, roughly 9.4 billion EUR to British banks, while it owes Portugese banksl 7.5 billion EUR and Italian banks 2.8 billion EUR

The Portuguese are indebted to Spanish banks with some 65.7 billion EUR, to German banks with some 26.6 billion EUR and to British banks with 18.9 billion EUR

The largest creditors of the Irish are British banks, and owe them at least 104.5 billion EUR, and vice versa the Britons owe 113.5 billion EUR to Irish banks. Moreover, the Irish owe large amounts to German banks or approximately 82 billion EUR, while they owe 39.8 billion EUR to American banks and 23.8 billion EUR to French banks. 

The largest creditors of the Spaniards are Germany and France with 131.7 billion and 112 billion, respectively, while Italians owe French banks roughly 309 billion EUR and German banks 120 billion million EUR.

To view the eurozone debt click here 
To view the global debt click here

Source – Epikaira


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