The world is $365 trillion in debt, and the interest bill is climbing
Summary
Many Europeans have protested recently about high living costs, low pay, and poor public services. Governments in Europe, especially France, are facing rising debt and higher borrowing costs, which reduce the money available for public services like schools and hospitals.Key Facts
- Large protests have occurred in France, Belgium, Italy, and Portugal over jobs, housing, and public services.
- France had over 550,000 people protest nationwide recently.
- European governments borrow money by selling bonds, promising to repay with interest over time.
- France’s government pays about 5% interest on 10-year bonds, higher than Germany’s 3.41%.
- Higher borrowing costs mean governments spend more on interest and have less for services.
- The United States has the highest government debt at $41.4 trillion, 127% of its economy size.
- France ranks fifth in the world in total debt, owing $4.2 trillion or 118.5% of its economy.
- Other countries with high debt compared to their economies are Japan (199%), Italy (138%), and the UK (102%).
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