9. Belgium – Debt Deficit: 106.10% of GDP
Belgium is commonly known for its chocolate, beer, fries, and waffle. Those yummy produces make everyone keeps coming back to Brussels food festival.
This European country actually took the treasury from the previous country on the list, USA. The reason behind this is complicated. It was said that the money is needed for Belgium-domiciled Euroclear. However, people see this economical move as rather a mystery. Why?
Think about this, Belgium is a tiny country. It never had significant financial problem prior to the debt. However, it has become the third largest foreign holder of US Treasury. This was resulted in the country’s 106.10% public debt of its $534,230 GDP.
Belgium crisis even affected most European countries during the year of 2011 to 2012. 17 of them suffered the contagion since what happened to Belgium reduced the confidence in the European economy.
