6. Portugal – Debt Deficit: 129.10% of GDP
Going into the half part of our list of top 10 countries with the biggest debt deficit is Portugal. The country suffered from financial crisis for four consecutive years since 2010.
Started from one year prior to the crisis rally, two banks of Portugal accumulated losses from bad investments and accounting fraud. Since then, the government made some bad moves, such as tax hikes and public servants’ salary cuts, in order to solve its financial problems.
A country’s financial problem can only be solved if it can manage stable economy and secure government. Portugal does not have those luxuries. Until today, the Portuguese government still struggles with its stability.
Portuguese public debt percentage actually rises in three years back. It is now at 129.10% of its $229.948 Gross Domestic Product (GDP).
