High income OECD countries Compared by Economy > Government deficits and debt > Government debt > General government gross financial liabilities per million

DEFINITION: For most countries, gross financial liabilities refer to the liabilities (short and long-term) of all the institutions in the general government sector, as defined in the 1993 System of National Accounts (SNA) or in the 1995 European System of Accounts (ESA). This definition differs from the definition of debt applied under the Maastricht Treaty essentially in two respects. First, gross debt according to the Maastricht definition excludes trade credits and advances, as well as shares and insurance technical reserves. Second, government bonds are valued at nominal values instead of at market value or issue price plus accrued interest as required by the SNA rules. The United States and Canada also value government bonds at nominal value.

In principle, debts within and between different levels of government are consolidated; a loan from one level of government to another represents both an asset and an equal liability for the government as a whole and so it cancels out (is "consolidated”) for the general government sector. Figures expressed per million population for the same year.

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#	COUNTRY	AMOUNT	DATE
1	Iceland	89.77%	1995
2	Luxembourg	24.3%	1995
3	Norway	13.29%	1995
4	Greece	9.62%	1995
5	Belgium	8.64%	1995
6	Finland	8.13%	1995
7	Austria	7.79%	1995
8	Ireland	7.74%	1995
9	Portugal	6.99%	1995
10	Switzerland	6.9%	1995
11	New Zealand	6.88%	1995
12	Slovakia	6.8%	1995
13	Denmark	5.93%	1995
14	Sweden	5.32%	1995
15	Czech Republic	3.72%	1995
16	Netherlands	3.34%	1995
17	Canada	2.18%	1995
18	Italy	1.99%	1995
19	Poland	1.36%	1995
20	Japan	1.36%	1995
21	France	1.18%	1995
22	Spain	1.08%	1995
23	Australia	0.853%	1995
24	United Kingdom	0.809%	1995
25	Germany	0.801%	1995
26	South Korea	0.642%	1995
27	United States	0.236%	1995

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