2. UK - Long live the debt! Long live the ...

United Kingdom's external debt is around 400% of GDP. It's gross external debt is $8.98 trillion which is the second highest among different nations around the globe as on June 30, 2010.

The country's external debt per capita is $144,338.

It's national debt is 76.5% of GDP.

The United Kingdom has become a nation of borrowers. Since 2008, national debt has increased sharply because of economic recession contributing to lower tax receipts, higher spending on unemployment benefits, etc.

UK's growth rate slowed down April - June (0.2% growth in Q2 2011) which confirms that the economy is stuck in a prolonged period of under-performance.

The government's debt decreased in 2002 and since then it has continuously ballooned despite a booming economy. Some economists have said that the country's state went side way because it was spending too much on healthcare and education whereas tax collection was not increased by similar level.