FX.co ★ Top 10 countries with huge foreign debt

Japan

With external debt worth 248.1%, Japan stands first in the ranking of the countries with the biggest foreign debt. On the whole, the Japanese economy grows at a very slow pace. Its central bank introduced negative interest rates.

Greece

Second goes Greece with its foreign debt of 178.4%. The country has been struggling to resolve its debt problems for 6 years. It is still making its debt repayments to international creditors. Greece is being bailed out continually; however, this does not improve the country's economic health.

Lebanon

Lebanon is the third largest foreign debt holder having the debt-to-GDP ratio of 139.1%. The country used to be a popular tourist destination, but war in Syria and internal political turmoil have affected the economy considerably.

Italy

Italy is on the fourth place with the government debt of 132.6%. Its proportion of debt to GDP is the second highest in the eurozone. Experts at the World Economic Forum say that Italy will not avoid the vote on constitutional reforms in the near future.

Portugal

Portugal has the fifth largest foreign debt of 128.8%. The country has repeatedly received financial aid after the crisis.

Jamaica

Jamaica is the sixth biggest external debt holder. Its debt is 124.3%. The country's services sector accounts for 80% of GDP, however high crime rate and unemployment as well as widespread corruption drag Jamaica's growth down.

Cape Verde

The seventh position belongs to Cape Verde with the foreign debt of 119.3%. The island nation has a service-orientated economy. It imports at least 82% of food, so its economy is too vulnerable to market fluctuations.

Bhutan

The eight goes Bhutan with external debt of 115.7%. The small Asian economy is heavily dependent on India, especially its financial sector.

Cyprus

Cyprus has GDP-to-debt ratio of 108.7% and is ranked ninth among the countries with soaring foreign debt. However, it has managed to reduce its debt from 112% last year. The country continues to recover from the banking crisis.

Belgium

Belgium stands last in our ranking with its foreign debt worth 106.3%. The country is home of some of the most powerful companies in the world. However, according to WEF, the nation has problems with labor and tax regulations, which it is trying to solve.