Previous
In April, the IMF estimated that the US government's debt amounted to 99 percent of gross domestic product. That’s high, but less than four of Europe's five largest debtors.
4. Iceland
Iceland, whose banking system collapsed in 2008, was the first of the Western European countries (although not part of the eurozone) to take a financial hit in the global recession. In January 2009, the Monitor described its 2008 financial meltdown, spurred on by risky banking practices, as the canary in the coal mine for the rest of the region.
Iceland was the world’s fourth-richest nation before its collapse. Three years later, it is still struggling to kick its economic growth back into gear. The sluggish pace is likely going to make it difficult for the country reduce its debt, which in April was at 103 percent of its GDP.
These comments are not screened before publication. Constructive debate about the above story is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate any copyright[s]. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.