Top 10 Countries Ranked by National External Debt
United States of America - $16,0000,000,000,000
The richest country in the world is also the most indebted. 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
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Second on the list is the UK. 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
Germany's debt is considerably 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
Not far behind Germany is France in the scale of debt. 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
As a significant step down from the top four, Spain has half the external debt of France, and one fifth the monstrous debt of the US.
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 afflicted with war reparations after the Second World War, Japan agreed to pay $11 billion, although, 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.
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Belgium: famous for chocolate, beer, Tintin, and now external 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.
