Just for curiosity, recently I was checking the external debt of India and what I found out, that left me just shocked. We many times hear India is heavily indebted country and each Indian has so much Rupees debt on head...blah...blah...blah...but list of world's most indebted countries shows something different picture. Amazingly the so called developed countries top this list. Is getting external debt a commercial tactic or real need of such countries? If such countries are so heavily indebted, then how can they be 'developed'? I failed to make out.
Top 10 most indebted countries of the world;
United States – $13,450,000,000,000
United Kingdom – $9,088,000,000,000
Germany – $5,208,000,000,000
France – $5,021,000,000,000
Netherlands – $3,733,000,000,000
Spain – $2,410,000,000,000
Italy – $2,328,000,000,000
Ireland – $2,287,000,000,000
Japan – $2,132,000,000,000
Belgium – $1,354,000,000,000
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The countries have adverse balance of payment and are financially unsound. But they are considered developed because they have developed their industry and projects like space and defence equipment.
This is like a rich man who has million dollar assets like buildings, vehicles and other luxuries but is also indebted for million or more.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
