Greece’s debt has surpassed $100bn, the US national debt has climbed to $10.8tn and the Greek economy has shrunk by more than 3.4 per cent since the start of the year.
RTE’s Greece debt section has more.
Greece has a $10bn debt to GDP ratio and the US debt has been nearly double that at $27.4bn.
The latest IMF figures show that Greece has the highest debt burden in the world at $83.8bn.
It is the second highest debt among the G7 countries after Germany.
In June 2017, Greece’s economy was estimated at $16.3bn and was expected to grow by 1.8 per cent this year.
Greece’s deficit is $1.3tn and its debt to gross domestic product (GDP) ratio is 124 per cent.
According to the International Monetary Fund (IMF), Greece is in a dire situation.
“Greeces fiscal deficit reached 30 per cent of GDP in 2017, a level not seen since 2011, and is projected to grow to 37 per cent by 2020,” it said.
Despite a significant fall in exports and an increase in unemployment, the IMF has warned that the country will be unable to avoid bankruptcy if the economy continues to deteriorate.
It has called for the country to make structural reforms and raise tax revenues to reduce the country’s debt burden and its budget deficit.