Economic & financial indicators

Gross external debt

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According to figures from the IMF and the World Bank, gross external debt exceeded 100% of GDP in many rich countries at the end of the final quarter of 2010. In Britain, where the latest figures available are for the three months to June 2010, the gross amount owed to foreigners was four times GDP. The biggest chunk of this—more than three-fifths—consisted of the external debt of British banks. In the case of Greece, the biggest fraction—just under half—was government debt. Portugal, the latest country in the euro area to request a bail-out, has outstanding debts to foreigners that are over twice its national income. Equivalent burdens are smaller in some big emerging countries: Brazil and India had ratios below 20%.

This article appeared in the Economic & financial indicators section of the print edition under the headline "Gross external debt"

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