The 10 Most Indebted Countries in the World: A Raw Analysis

I just saw the IMF data on the most indebted countries and I must confess that I was shocked! Japan tops this shameful list with a debt of almost 250% of GDP. How on earth does a country manage to owe 2.5 times what it produces and still maintain a functional economy? It's ridiculous!

Sudan follows closely behind with 237%, and then Singapore with 176% - who would have thought that that Asian financial paradise would be so deep in debt? The hypocrisy is evident!

Greece is there at 153% - not surprising for those who have defaulted several times. And Italy at 139%, forever skating through its economic crises.

Even the small Maldives (134%) and Bahrain (130%) have joined this debt party. Countries that rely on tourism and oil, respectively, but do not know how to manage their finances.

The USA, with its 124%, continues to spend as if there were no tomorrow, followed by Laos (118%) and France (115%). It’s the global debt party!

And where is Brazil in this whole story? In 23rd place, with 92% indebtedness. Far from the top 10, but still concerning. Many economists call the country "spendthrift", but I find this narrative convenient for those who want to impose austerity. In November, our debt fell to 78% of GDP, which would place us in 43rd position.

What irritates me is this simplistic view that "debt is bad." Developed countries have an average debt of 111%! It is with borrowed money that infrastructure is built and investments are made for the future. The issue is not how much is owed, but what is done with that money.

In the end, these statistics are manipulated according to political convenience. While Japan continues with its absurd indebtedness without major dramas, other countries are crushed for having much lower levels.