Feb 17, 2010

Biggest Loser, Sovereign Debt Edition

Not a sustainable financial policy either.

This Greek business has everyone a twitter over sovereign debt. Remarkably, our region has managed its debt rather well. Only Hungary cracks the top 20 (as a % of GDP) of the world’s most indebted countries. The highlights:

--United States, 20th place, external debt 95% of GDP.
--Hungary, 18th place, external debt 124% of GDP.
--Ireland, 1st place (or last depending how you look at it). The country’s external debt totals a whopping 1,352% of GDP.

While official statistics are hard to come by, roughly 1,350% of that is owed to Polish guest workers.


Sublime Oblivion said...

I'm not sure a statistic that has the likes of Spain or Greece doing fiscally better than Sweden or Switzerland is meaningful. AFAIK, some of those nations are substantial net creditors.

PetrusDran said...

Good point. The Nordic countries are indeed big international donors (on borrowed money?) but we’ll need to ask CNBC to clarify.