10 Countries with the Highest Debt to GDP Ratios

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1. Japan

Debt to GDP Ratio: 264%

Escalating social welfare costs amidst a rapidly aging population, big spending packages, and a shrinking labor force have driven Japan into a debt of approximately $9.8 trillion. This amount of debt is mostly in its own currency; the central bank holds part of it, while domestic savers hold the rest. Only 7% of it is foreign-owned. Therefore, the country is hardly dependent on the kindness of foreigners.

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