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Who owes the most European Debt?


Who is Buying What?

Inter Trader wrote on September 15, 2011, explaining the European Sovereign Debt Crisis:

[The core of the problem was most likely irresponsible lending by banks. A credit bubble was created through banks lending out money to individuals and businesses to acquire assets that proved to be worth less than the amount of the loans. This was especially true in the real estate sector – something we also saw happening in the United States.

When these banks got into trouble because of bad loan practices, the government had to bail them out using public funds. This happened in the United States and it was repeated in Greece and other European countries.

The government of course has no money of its own – it has to raise it either through taxes or through loans. Since tax money is normally used to finance the current budget expenditure, the money to bail out banks had to come from loans. What therefore happened is that the US, Greece and subsequently other European governments issued government bonds to finance these bailouts.

The problem with government bonds is that you have to pay interest on them and when the market starts doubting your ability to repay the loan, the interest rate will become higher and higher. In the end it is a downward spiral – the government takes up more loans to roll over existing ones, but the interest rates keep on getting higher and higher.]

Yesterday for the first time the EuroNews TV stated in a news bulletin that the new PMs of Greece and Italy and other EU officials are Goldman Sachs associates and ex-employees.

What is called “irresponsible lending by banks” is actually a deliberate act of sabotage for the sovereignty of specifically targeted some European states.

It is a replay of the tragic comedy “The Merchant of Venice”.  cutting a iuſt pound of his fleſh

But can the money lenders take their loot without dropping blood?

These debts were  made with evil intentions and they must be either written off or rescheduled by the people without additional usury.

External Debts of Rich Countries:

Country External Debt in US $ PerCaptia in US $ % of GDP
 Luxembourg 1,892,000,000,000 3,759,174 3,443
 Ireland 2,268,310,000,000 495,264 3,616.20
 Switzerland 1,200,000,000,000 154,063 229
 United Kingdom 8,981,000,000,000 144,338 400
 Norway 643,000,000,000 131,220 141
 Belgium 1,241,000,000,000 113,603 266
 Denmark 559,500,000,000 101,084 180
 Sweden 853,300,000,000 91,487 187
 Austria 755,000,000,000 90,128 200
 France 4,698,000,000,000 74,619 182
 Finland 370,800,000,000 68,960 155
 Germany 4,713,000,000,000 57,755 142
 Australia 1,169,000,000,000 52,596 95
 New Zealand 219,589,000,000 50,260 127
 Greece 532,900,000,000 47,636 174
 United States 14,991,308,000,000 47,568 99
 Netherlands 371,028,000,000 47,172 74
 Spain 2,166,000,000,000 47,069 154
 Portugal 497,800,000,000 46,795 217
 Italy 2,223,000,000,000 36,841 108
 Canada 1,009,000,000,000 29,625 64
 European Union 13,720,000,000,000 27,864 85
 Japan 2,441,000,000,000 19,148 45

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