External debt is inevitably to keep pace of development in the country but it is also considered harmful for the economy if GDP is unable to repay current and future debt due to the inability to produce and sell goods and make a profitable return as result country may resort to more external debt and burden get accumulated. Since external debt are always payable in foreign currency to nonresidents and largely affected by exchange rate of currencies and if local currency depreciate or deliberately devalued to decrease import, burden of foreign debt also goes increased. Here are top ten Countries with the most external debt.
| RANK | COUNTRY | GROSS EXTERNAL DEBT POSITION: 2013 First Quarter ( jan-mar) (US$ Billions) |
|---|---|---|
| 1 | United States | 15,941 |
| 2 | United Kingdom | 9,307 |
| 3 | Germany | 5,539 |
| 4 | France | 5,304 |
| 5 | Japan | 2,827 |
| 6 | Luxembourg | 2,699 |
| 7 | Italy | 2,422 |
| 8 | Netherlands | 2,407 |
| 9 | Spain | 2,230 |
| 10 | Ireland | 2,146 |
Source: World Bank
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