The United States of America has a reputation of a big borrower (the money is for buying Big Mac, Ipods and guns). However, taking into account the external debt (financial obligations to non-residents) compared to the GDP, the world champion is, by far, the Republic of Ireland.
As a comparison, the ratio of the USA is about 1 in 2009.
Is a economic model depending mainly of the assets of foreigners a sustainable economy?
references:
External Debt, 30 September 2009
Central Statistics Office, 6 January 2010
The World's Biggest Debtor Nations
CNBC
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