CNBC: The World's Biggest Debtor Nations

[WildspitzE]

http://www.cnbc.com/id/30308959

Data:

1. Ireland - 811% :eek: !!

External debt (as % of GDP): 811%
External debt per capita: $549,819

Gross external debt: $2.311 trillion (Q4 2008)
2008 GDP: $285 billion

2. United Kingdom - 336%

External debt (as % of GDP): 336%
External debt per capita: $153,616

Gross external debt: $9.388 trillion (Q4 2008)
2008 GDP: $2.787 trillion

3. Belgium - 327%

External Debt (as % of GDP): 327%
External debt per capita: $155,362

Gross External Debt: $1.618 trillion (Q4 2008)
2008 GDP: $495.4 billion

4. Hong Kong - 295%

External debt (as % of GDP): 295%
External debt per capita: $93,539

Gross external debt: $659.93 billion (Q4 2008)
2008 GDP: $223.8 billion

5. Netherlands - 268%

External debt (as % of GDP): 268%
External debt per capita: $145,959

Gross external debt: $2.439 trillion (Q4 2008)
2008 GDP: $909.5 billion

6. Switzerland - 264%

External debt (as % of GDP): 264%
External debt per capita: $171,478

Gross external debt: $1.304 trillion (Q4 2008)
2008 GDP: $492.6 billion

7. Austria - 191%

External debt (as % of GDP): 191%
External debt per capita: $100,787

Gross external debt: $827.49 billion (Q4 2008)
2008 GDP: $432.4 billion

8. France - 168%

External debt (as % of GDP): 168%
External debt per capita: $78,070

Gross external debt: $5.001 trillion
2008 GDP: $2.978 trillion

9. Denmark - 159%

External debt (as % of GDP): 159%
External debt per capita: $107,026

Gross external debt: $588.7 billion (Q3 2008)
2008 GDP: $369.6 billion

10. Germany - 137.5%

External debt (as % of GDP): 137.5%
External debt per capita: $63,767

Gross external debt: $5.25 trillion (Q4 2008)
2008 GDP: $3.818 trillion

11. Spain - 137.5%

External debt (as % of GDP): 137.5%
External debt per capita: $57,091

Gross external debt: $2.313 trillion (Q4 2008)
2008 GDP: $1.683 trillion

12. Sweden - 129%

External debt (as % of GDP): 129%
External debt per capita: $73,245

Gross external debt: $663.58 billion (Q4 2008)*
2008 GDP: $512.9 billion

*Data from Riksbank

13. Finland - 116%

External debt (as % of GDP): 116%
External debt per capita: $62,579

Gross external debt: $328.56 billion (Q4 2008)
2008 GDP: $281.2 billion

14. Norway - 114%

External debt (as % of GDP): 114%
External debt per capita: $118,353

Gross external debt: $551.59 billion
2008 GDP: $481.1 billion

15. United States - 95.09%

External debt (as % of GDP): 95.09%
External debt per capita: $44,358

Gross external debt: $13.627 trillion (2008 Q3) <<---- needs to be updated, to Q4
2008 GDP: $14.330 trillion

[metalman]

Re: CNBC: The World's Biggest Debtor Nations

report fails... except for germany, not fair to compare a major league economy to minor league economies.

more to the point, what's cnbc selling? the idea that the usa's external debt 'ain't so bad'?

get to get that idea out there before the HOLY SHIT! fy 2008 tax receipts data see light of day.

[vinoveri]

Re: CNBC: The World's Biggest Debtor Nations

what is the real definition of external debt or how is it computed?

To whom is all this debt owed?

If these numbers mean what they appear, they convey that the west is bankrupt several times over, consistent with Hudson's observation that no country has ever repaid their debt.

Why would external creditors continue to lend to debtor nations allowing obligations to read 100-500% or more of national GDP? Indeed, why would they have lent this much to begin with?

I just don't get this at all.

[metalman]

Re: CNBC: The World's Biggest Debtor Nations

what is the real definition of external debt or how is it computed?

To whom is all this debt owed?

If these numbers mean what they appear, they convey that the west is bankrupt several times over, consistent with Hudson's observation that no country has ever repaid their debt.

Why would external creditors continue to lend to debtor nations allowing obligations to read 100-500% or more of national GDP? Indeed, why would they have lent this much to begin with?

I just don't get this at all.

the answer is shockingly simple... they lend more to keep from losing the money they've already lent. they don't want the borrower to default.

did you watch hudson's interview on icelandic tv? he said, 'you guys should default on your foeign debt'. the interviewer asked, 'but if we default weon't we be pariahs and no one will lend to us again?' hudson says, 'no. the opposite. if you don't default you'll be broke and they won't lend you more. default and they lend you more later'.

international lending ain't like other kinds of borowing. dfferent rules... and one set of rules for one set of countries and other set of rules for another.

[goadam1]

Re: CNBC: The World's Biggest Debtor Nations

Countries could always get a new credit card and put the old debt on the new card (no interest 180 days). Or they could print money and hope raising taxes falls when they are out of power. Or they can become a bank holding company.

[vinoveri]

Re: CNBC: The World's Biggest Debtor Nations

the answer is shockingly simple... they lend more to keep from losing the money they've already lent. they don't want the borrower to default.
.

ergo "deficits and debt don't matter"??

At some point it has to collapse if what is being lent it real capital. After all if you add all all this debt it must begin approaching world GDP or a significant portion anyway. How can the emerging economies, though vibrant and in growth mode but still puny compared to western economies, continue to "lend" to the west at these levels? Perhaps its all a fiat money scam, e.g.,

1. China CB prints yuan, drops it on its population/businesses causing production
2. Produced goods sold to west in exchange for dollars/ euros
3. China buys western debt with dollars/euros.
go to step 1

Oh, I see, we're stealing from China with the cooperation of the Chinese gov? say what?

[*T*]

Re: CNBC: The World's Biggest Debtor Nations

The UK for example is a very open economy, and this seems to be gross debt. So I would be curious to see it net of external assets also. This would explain why the US is low down the list (relatively internal economy).

[Slimprofits]

Re: CNBC: The World's Biggest Debtor Nations

more to the point, what's cnbc selling? the idea that the usa's external debt 'ain't so bad'?

get to get that idea out there before the HOLY SHIT! fy 2008 tax receipts data see light of day.

I think so.

So, how does the US debt position compare to that of other countries? A useful measure of a country's debt position is by comparing gross external debt to GDP, which offers a direct relation of a country's total debt to the size of its economy. In this report, all countries are among the world's 50 largest economies, and are ranked by current external debt as a percentage of 2008 GDP.

Who are the world's biggest debtor nations? The rankings may surprise you!

by Paul Toscano