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1. USA - Uncle Sam gains even more debt

By Monika Nihalani And Shoaib Zaman

World’s 10 major countries under debt cloud: USA
United States's external debt is around 95% of GDP. It's gross external debt is $14.3 trillion which appears to be the highest among different nations around the globe as on June 30, 2010.

The country's external debt per capita is $45,097.


(To know what is external debt per capita, click here)

It's national debt is 58.9% of GDP.

The total national debt of $14.4 trillion exceeded the $14.3 trillion ceiling in July 2011. US is in mess since 2008 and the situation is regarded as a crisis due to the potential for a major worsening of the economic status of the US in the case of a government default, such as rising borrowing costs or disruption if the government cannot pay its bills.

Credit rating agency Standard & Poor's placed US debt ratings under "negative credit review" during the crisis, increasing the risk of a downgrade to the US "AAA" credit rating.

As of May 2011, approximately 40% of US government spending relied on borrowed money.

Read more about: economy obama gdp
Story first published: Tuesday, August 2, 2011, 16:01 [IST]
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