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7 developed countries will need to borrow larger percentage of GDP than Ireland in 2011 - IMF Report

An overview of the borrowing  needs of fifteen major developed-country governments in 2011 shows that Ireland is the country in the middle in borrowing needs when measured as a percentage of GDP. According to the International Monetary Fund  (IMF) Japan, USA, Greece, Belgium Italy, France and Portugal all require a higher percentage of Gross Domestic Product (GDP) to finance their budgets in 2011. All require more than 20 per cent of GDP. Ireland is next and It will require less than 20 per cent of GDP according to the IMF. Ireland is followed by Spain, Canada, UK, Germany, Finland, Sweden and Australia.  The diagram below provides the details.

In 2011 these, fifteen major developed-country governments will have to raise $10.2 trillion to repay maturing bonds and finance their budget deficits according to the IMF. That’s an increase of 7% from 2010 and equals 27% of their combined annual economic output.
Aside from Japan, which has a huge debt hangover from decades of anemic growth, the U.S. is the most extreme case. In 2011, the U.S. government will have to find $4.2 trillion. That’s 27.8% of its annual economic output, up from 26.5% this year. By comparison, crisis-addled Greece needs $69 billion, or 23.8% of its annual GD