10 Countries Sinking in Government Debts
#8 Cyprus
Debt-to-GDP ratio: 112.0pct
The country with abundant archeological riches, Cyprus is also one of the most indebted countries in the world today. Cyprus’s GDP witnessed a positive growth owing to the bank deposits and loans from foreign lands. However, the reorganization of the sovereign debt in Greece in 2012 affected Cyprus’s GDP growth hugely. It is still on the way of recovery.
Read More: Tax collection in 2015-16 exceeds target by Rs 5,000 cr
