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External Debt is that part of the country’s total debt that was borrowed from foreign lenders, including governments, international financial institutions, and commercial banks. As per the latest available data with the CIA Factbook, the United States tops the list of 10 countries that have the highest external debt. The US was followed by the UK, whose debt stands almost half of that of the US. European countries such as Germany, France, Italy, Spain, and Ireland are also in the list of countries with huge external debt.
Greece has been in news for not being able to repay external debt. However, it didn’t feature in the list of top 10 countries. The International Monetary Fund (IMF) is one of the agencies responsible for tracks a country’s external debt. A debt crisis occurs when a country cannot make enough profit to repay external debt.
| WORLD TOP TEN COUNTRIES MOST IN DEBT |
| Rank | Country | As on Dec 31, 2014 |
|---|---|---|
| 1 | United States | $17,260,000,000,000.00 |
| 2 | United Kingdom | $9,219,000,000,000.00 |
| 3 | Germany | $5,597,000,000,000.00 |
| 4 | France | $5,496,000,000,000.00 |
| 5 | The Netherlands | $4,154,000,000,000.00 |
| 6 | Luxembourg | $3,331,000,000,000.00 |
| 7 | Italy | $2,459,000,000,000.00 |
| 8 | Spain | $2,064,000,000,000.00 |
| 9 | Ireland | $1,960,000,000,000.00 |
| 10 | Switzerland | $1,533,000,000,000.00 |
Source: CIA Factbook
Note – 2013Q1; i.e., first quarter of 2013 (Jan-Mar).
The Quarterly External Debt (QEDS) database, jointly developed by the World Bank and the International Monetary Fund, brings together detailed external debt data of countries that subscribe to the IMF’s Special Data Dissemination Standard (SDDS) and a selected number of countries that participate in the IMF’s General Data Dissemination System (GDDS)
World Top Ten Countries with Highest External Debt
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