Greece’s net position deep in the red

Greece’s net position deep in the red

If Greece was an enterprise it would have probably shut down already, given its negative net position.

However, Greece is a state, and a member of the eurozone at that. In a report issued by the International Monetary Fund on Tuesday, it was at the bottom of a table presenting the difference between the assets and liabilities of 69 countries. Obviously, due to Greece’s large public debt in absolute figures, its net position is negative, amounting to 111 percent of gross domestic product.

At the top of the chart is Norway, with a positive net position of 348 percent of GDP. The 69 states surveyed account for  59 percent of the global GDP.

The report also notes that the average net worth of the 69 countries is 102 percent of their GDP, with Norway leading this list with 398 percent of its GDP. India’s assets ranked last with 21 percent of its GDP.

The obligations of the countries surveyed averaged at 70 percent of their GDP. Therefore, while the average net position of the 69 countries is positive at 32 percent, Greece is deep in the red.

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