3000 billion Euros !

[gavroche]

Apparently, this is the debt that France has and probably no hope of ever paying it back. Now, it got me thinking: most countries are in debt and I believe the biggest debtor is the USA. But who do they owe the money to ? It must amount to millions of billions all together which will never be paid back. It defines all logic really doesn't it?
And yet, when an ordinary working person owes a few pounds and can't pay it back, he/she is treated like a criminal. Countries ? oh, that's alright then.

 

[Alex321]

Apparently, this is the debt that France has and probably no hope of ever paying it back. Now, it got me thinking: most countries are in debt and I believe the biggest debtor is the USA. But who do they owe the money to ? It must amount to millions of billions all together which will never be paid back. It defines all logic really doesn't it?
And yet, when an ordinary working person owes a few pounds and can't pay it back, he/she is treated like a criminal. Countries ? oh, that's alright then.

Well actually countries do get penalised, by other countries being less willing to do business with them, and getting lower IMF ratings, which means higher interest rates for companies from those countries.

 

[Electric_Andy]

I was already wondering that. I think they must owe to other treasuries in other countries e.g. aren't we still paying back a debt to the USA for WWII?

 

[Alex321]

Apparently, this is the debt that France has and probably no hope of ever paying it back. Now, it got me thinking: most countries are in debt and I believe the biggest debtor is the USA. But who do they owe the money to ? It must amount to millions of billions all together which will never be paid back. It defines all logic really doesn't it?
And yet, when an ordinary working person owes a few pounds and can't pay it back, he/she is treated like a criminal. Countries ? oh, that's alright then.

I was already wondering that. I think they must owe to other treasuries in other countries e.g. aren't we still paying back a debt to the USA for WWII?

From Wikipedia:

Government debt is typically measured as the gross debt of the general government sector that is in the form of liabilities that are debt instruments.[2]: 207  A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities (such as bonds and bills), loans, and government employee pension obligations.

Most of it will not be owed to other governments. Most of it will be owed to institutions and individuals who have bought the bonds etc.

 

[Drago]

The best ones are the tin pot dictators. They get a fat loan from the world bank and free gold braid for their uniform for every 100 billion borrowed, and if they're lucky they'll be deposed and sent into exile before paying back a penny.

 

[Punkawallah]

I was already wondering that. I think they must owe to other treasuries in other countries e.g. aren't we still paying back a debt to the USA for WWII?

Paid off in full in 2006.

 

[FishFright]

The UK isn't that far behind at around 2 and half trillion

 

[captain nemo1701]

300 billion ?....Blimey, Accy's overdraft is a bit out of control