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Countdown to €/£ parity | 102 comments (102 topical, editorial, 0 hidden)
Re: Countdown to €/£ parity (4.00 / 5)
Gross external debt by country, per capita, % of GNP
List of countries by external debt - Wikipedia, the free encyclopedia
 United States[1] $13,703,567 6/30/2008 $42,343 31-March-08 99.95%
2  United Kingdom $10,450,000 6/30/2007 $189,855 Q4 2007 376.82%
3  Germany $4,489,000 6/30/2007 $54,604 30-Jun-07 159.92%
4  France $4,396,000 6/30/2007 $68,183 30-Jun-07 211.86%
5  Netherlands $2,277,000 6/30/2007 $136,795 30-Jun-07 352.75%
6  Ireland $1,841,000 6/30/2007 $448,032 30-Jun-08 960.86%
7  Japan $1,492,000 6/30/2007 $45,287 30-Jun-07 34.93%
8  Switzerland $1,340,000 6/30/2007 $509,529 30-Jun-07 441.95%
9  Belgium $1,313,000 6/30/2007 $126,202 30-Jun-07 348.74%
10  Spain $1,084,000 6/30/2007 $176,019 30 June 2007 est. 79.65%
11  Italy $996,300 12/31/2007 $124,049 30-Jun-07 55.35%

Wow, 6th. in the whole world for gross external debt, for such a small country!!

Looks like Ireland has a much bigger problem, although, again, we don't know what the NET debt is, and the degree of currency risk involved.

notes from no w here

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Fri Dec 12th, 2008 at 04:52:19 PM EST
[ Parent ]
Re: Countdown to €/£ parity (4.00 / 3)
I was at first surprised to find Sweden at number 15 as the public debt has been mortgaged quite a bit since it skyrocketed during the 90ies crisis. Seeing Norway with its oil wealth at number 18 was also a bit curios.

Then I looked at the definition:

List of countries by external debt - Wikipedia, the free encyclopedia

"External debt" is defined as the total public and private debt owed to nonresidents repayable in foreign currency, goods, or services

Small countries has more international trade per capita, as borders are passed more often. Trade yields debt, and if trade is equal then debt is equally on both sides of the border, giving both countries more external (as opposed to internal) debt. A country can be on the top of the external debt list and have no problems at all if it has assets to cover every one of those debts on a moments notice.

So I would say that external debt in it self says very little.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Fri Dec 12th, 2008 at 07:37:38 PM EST
[ Parent ]
Yes, of far more interest ... (4.00 / 3)
... would be the balances on short term and long term external debt payable in foreign currency. Those are the values that can explode in domestic currency terms during a FXR melt-down, as many SE Asian nations discovered in the 90's.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Fri Dec 12th, 2008 at 10:48:30 PM EST
[ Parent ]

Countdown to €/£ parity | 102 comments (102 topical, 0 editorial, 0 hidden)
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