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Is Greece the only country struggling with national debt?

Last week's announcement that the Greek government was struggling to repay the country's national debt has had an impact upon worldwide money markets and has seen more and more people investigating other national debt situations. The problem for the Greek government is the weak economy which has seen national debt grow and the budget deficit balloon out of control.

The actual budget deficit in Greece is more than 100% of gross domestic product which obviously gives the authorities a major headache. While they have not as yet applied to any of the International monetary agencies, such as the International Monetary Fund, there is a feeling this is almost inevitable with credit rating companies placing the sovereign debt credit rating "on watch". The problem is that the Greek authorities will need to act sooner rather than later because the situation could get significantly worse in the short term.

While there is no doubt that the UK government is also suffering from a large budget deficit and a massive national debt pile, the situation is much more under control than the Greek scenario. In many ways it does actually reflect on the underlying strength of the UK economy and UK finances although there will still be significant pain in the short to medium term for UK taxpayers and UK businesses.

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