This statistic shows the national debt of Greece from 2020 to 2023, with projections until 2030. In 2023, the national debt in Greece was around 420.4 billion U.S. dollars. In a ranking of debt to GDP per country, Greece is currently ranked third. Greece's struggle after the financial crisis Greece is a developed country in the EU and is highly dependent on its service sector as well as its tourism sector in order to gain profits. After going through a large economic boom from the 1950s to the 1970s as well as somewhat high GDP growth in the early to mid 2000s, Greece’s economy took a turn for the worse and struggled intensively, primarily due to the Great Recession, the Euro crisis as well as its own debt crisis. National debt within the country saw significant gains over the past decades, however roughly came to a halt due to financial rescue packages issued from the European Union in order to help Greece maintain and improve their economical situation. The nation’s continuous rise in debt has overwhelmed its estimated GDP over the years, which can be attributed to poor government execution and unnecessary spending. Large sums of financial aid were taken from major European banks to help balance out these government-induced failures and to potentially help refuel the economy to encourage more spending, which in turn would decrease the country’s continuously rising unemployment rate. Investors, consumers and workers alike are struggling to see a bright future in Greece, whose chances of an economic comeback are much lower than that of other struggling countries such as Portugal and Italy. However, Greece's financial situation might improve in the future, as it is estimated that at least its national debt will decrease - slowly, but steadily. Still, since its future participation in the European Union is in limbo as of now, these figures can only be estimates, not predictions.

A 2023 survey found that ** percent of Republicans do not think that Congress should raise the debt ceiling after the U.S. treasury reached its spending limits in January 2023. The U.S. debt ceiling does not authorize new spending commitments, it simply allows the government to finance existing legal obligations that it has made in the past. If a government does not raise the debt ceiling, the U.S. treasury will default on its debt, and could trigger an economic recession.

Government Debt in the United States increased to 36916987 USD Million in July from 36211469 USD Million in June of 2025. This dataset provides - United States Government Debt- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The long-term interest rate on government debt is a key indicator of the economic health of a country. The rate reflects financial market actors' perceptions of the creditworthiness of the government and the health of the domestic economy, with a strong and robust economic outlook allowing governments to borrow for essential investments in their economies, thereby boosting long-term growth.

The Euro and converging interest rates in the early 2000s

In the case of many Eurozone countries, the early 2000s were a time where this virtuous cycle of economic growth reduced the interest rates they paid on government debt to less than 5 percent, a dramatic change from the pre-Euro era of the 1990s. With the outbreak of the Global Financial Crisis and the subsequent deep recession, however, the economies of Greece, Italy, Spain, Portugal, and Ireland were seen to be much weaker than previously assumed by lenders. Interest rates on their debt gradually began to rise during the crisis, before rapidly increasing beginning in 2010, as first Greece and then Ireland and Portugal lost the faith of financial markets.

The Eurozone crisis

This market adjustment was initially triggered due to revelations by the Greek government that the country's budget deficit was much larger than had been previously expected, with investors seeing the country as an unreliable debtor. The crisis, which became known as the Eurozone crisis, spread to Ireland and then Portugal, as lenders cut-off lending to highly indebted Eurozone members with weak fundamentals. During this period there was also intense speculation that due to unsustainable debt loads, some countries would have to leave the Euro currency area, further increasing the interest on their debt. Interest rates on their debt began to come back down after ECB Chief Mario Draghi signaled to markets that the central bank would intervene to keep the states within the currency area in his famous "whatever it takes" speech in Summer 2012.

The return of higher interest rates in the post-COVID era

Since this period of extremely high interest rates on government debt for these member states, the interest they are charged for borrowing has shrunk considerably, as the financial markets were flooded with "cheap money" due to the policy measures of central banks in the aftermath of the financial crisis, such as near-zero policy rates and quantitative easing. As interest rates have risen to combat inflation since 2022, so have the interest rates on government debt in the Eurozone also risen, however, these rises are modest compared to during the Eurozone crisis.

Government Debt in Germany increased to 2523308 EUR Million in the first quarter of 2025 from 2508985 EUR Million in the fourth quarter of 2024. This dataset provides - Germany Government Debt- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The United States recorded a Government Debt to GDP of 124.30 percent of the country's Gross Domestic Product in 2024. This dataset provides - United States Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

International Debt Statistics (IDS), successor to Global Development Finance and World Debt Tables, is designed to respond to user demand for timely, comprehensive data on trends in external debt in low- and middle-income countries. The World Bank's Debtor Reporting System (DRS), from which the aggregate and country tables presented in this report are drawn, was established in 1951. World Debt Tables, the first publication that included DRS external debt data, appeared in 1973 and gained increased attention during the debt crisis of the 1980s. Since then, the publication and data have undergone numerous revisions and iterations to address the challenges and demands posed by the global economic conditions.

For further details, please refer to https://www.worldbank.org/en/programs/debt-statistics/ids

In 2023, the gross federal debt in the United States amounted to around ****** U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about ****** U.S. dollars. The total debt accrued by the U.S. annually can be accessed here. Federal debt of the United States The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States. Politics and the national debt In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.

Background: In light of the coronavirus disease 2019 (COVID-19) pandemic and its large economic consequences, we used a three-layer nested structural model (individual, community, and country), each with a corresponding measure of income, trust, and satisfaction, to assess change in their interrelationships following a global crisis; which, in this study, is the 2008/2009 financial crisis.Methods: With multilevel techniques, we analyzed data from two waves (2006 and 2012) of the European Social Survey (ESS) in 19 countries (weighted N = 73,636) grouped according to their levels of trust.Results: In high trust countries, personal life satisfaction (LS) was not related to personal, community, or national income before or after the crisis. In contrast, in low trust countries, LS was strongly related to all three forms of income, especially after the crisis. In all country groups, personal, social, and political trust moderated their respective effects of income on LS (“the buffer hypothesis”). Political trust moderated the effects of income more strongly in low trust countries. The moderating effect of political trust increased sharply after the crisis. After the crisis, national-level factors (e.g., political trust, national income) increased their importance for LS more than the factors at the local and individual levels. However, the relative importance of all the three forms of income to LS increased after the crisis, to the detriment of trust.Conclusion: Economic crises seem to influence personal LS less in high trust countries compared with low trust countries. Hence, high trust at a national level appears to buffer the negative impact of a financial crisis on personal satisfaction. Overall, the factors at the national level increased their impact during the financial crisis. When facing a global crisis, the actions taken by institutions at the country level may, thus, become even more important than those taken before the crisis.

Countries become more politically polarized and fractionalized following financial crises, reducing the likelihood of major financial reforms precisely when they might have especially large benefits. The evidence from a large sample of countries provides strong support for the hypotheses that following a financial crisis, voters become more ideologically extreme and ruling coalitions become weaker, independently of whether they were initially in power. The evidence that increased polarization and weaker governments reduce the chances of financial reform and that financial crises lead to legislative gridlock and anemic reform is less clear-cut. The US debt overhang resolution is discussed as an illustration.

The Educational Debt Recovery Services market is experiencing robust growth, driven by the increasing burden of student loan debt and the rising number of defaults. While precise market sizing data isn't provided, considering the substantial and persistent growth in student loan debt globally, a reasonable estimation for the 2025 market size could be around $5 billion, given the involvement of numerous large players. A compound annual growth rate (CAGR) of 8% over the forecast period (2025-2033) reflects continued market expansion, fueled by evolving collection strategies, technological advancements, and government regulations aimed at addressing the debt crisis. Key drivers include the increasing sophistication of debt recovery techniques, such as AI-powered analytics for better risk assessment and personalized outreach strategies. Furthermore, the rise of third-party debt recovery companies specializing in educational loans is also contributing significantly. However, challenges persist, including stringent regulations protecting borrowers' rights, economic downturns potentially impacting repayment capabilities, and the ethical considerations surrounding aggressive debt collection practices. Market segmentation will likely include services based on loan type (federal vs. private), recovery methods (negotiated settlements vs. litigation), and client type (government agencies vs. private lenders). The competitive landscape is marked by established players like STA International and Cedar Financial, alongside numerous regional and specialized firms vying for market share through improved technologies and service offerings. The forecast period (2025-2033) suggests continued expansion of the Educational Debt Recovery Services market, reaching an estimated $10 billion by 2033, based on the projected 8% CAGR. This growth hinges on continued advancements in technology and refined collection techniques. However, maintaining ethical practices and navigating regulatory hurdles will be crucial for long-term success. Regional variations will likely be influenced by factors like the prevalence of student loans, regulatory frameworks, and economic conditions. North America and Europe are expected to dominate the market, given the higher concentrations of student debt in these regions. Competition will likely intensify as more companies enter this rapidly growing sector, necessitating continuous innovation and adaptation to evolving market demands.

In October 2024, the public debt of the United States was around 35.46 trillion U.S. dollars, a slight decrease from the previous month. The U.S. public debt ceiling has become one of the most prominent political issues in the States in recent years, with debate over how to handle it causing political turmoil between Democrats and Republicans. The public debt The public debt of the United States has risen quickly since 2000, and in 2022 was more than five times higher than in 2000. The public debt is the total outstanding debt that is owed by the federal government. This figure comprises debt owed to the public (for example, through bonds) and intergovernmental debt (debt owed to various governmental departments), such as Social Security. Debt in Politics The debt issue has become a highly contentious topic within the U.S. government. Measures such as stimulus packages, social programs and tax cuts add to the public debt. Additionally, spending tends to peak during large global events, such as the Great Depression, the 2008 financial crisis, or the COVID-19 pandemic - all of which had a detrimental impact on the U.S. economy. Although both major political parties in the U.S. tend to blame one another for increases in the country's debt, a recent analysis found that both parties have contributed almost equally to national expenditure. Debate on raising the debt ceiling, or the amount of debt the federal government is allowed to have at any one time, was a leading topic in the government shutdown in October 2013. Despite plans from both Democrats and Republicans on how to lower the national debt, it is only expected to increase over the next decade.

During the Great Recession of 2008-2009, the advanced economies of the G7 experienced a period of acute financial crises, downturns in the non-financial economy, and political instability. The governments of these countries in many cases stepped in to backstop their financial sectors and to try to stimulate their economies. The scale of these interventions was large by historical standards, with observers making comparisons to the measures of the New Deal which the U.S. undertook in the 1930s to end the Great Depression.

The bailouts of financial institutions and stimulus packages caused the government debt ratios of the United States, United Kingdom, and Japan in particular to rise sharply. The UK's government debt ratio almost doubled due to the bailouts of Northern Rock and Royal Bank of Scotland. On the other hand, the increases in government debt in the Eurozone were more measured, due to the comparative absence of stimulus spending in these countries. They would later be hit hard during the Eurozone crisis of the 2010s, when bank lending to the periphery of the Eurozone (Portugal, Spain, Ireland and Greece in particular) would trigger a sovereign debt crisis. The Canadian government, led by a Conservative premier, engaged in some fiscal stimulus to support its economy, but these packages were small in comparison to that in most other of the G7 countries.

Over the past 40 years, private creditors have been the primary source of portfolio capital for developing countries, and capital flows from private creditors to developing countries have increased dramatically. The flow of capital to developing countries presents opportunities; creditors have new investment opportunities, and developing countries are able to finance investment and consumption. But financial integration has also posed challenges. Most develo ping countries still cannot borrow in international capital markets, and creditors have difficulty recovering investments after governments default due to lack of enforcement of international debt contracts. This dissertation presents three essays that examine how politics shape interactions between developing countries and private creditors in the market for sovereign lending. The first essay considers the international allocation of credit. Existing research argues that democracies are more creditworthy than autocracies, but empirical tests have failed to discover such a ``democratic advantage.'' Using a panel dataset of more than 130 developing countries between 1980 and 2000, I s how that creditors are more likely to lend to democracies than autocracies. The second essay examines a government's decision to repay its debt or default. Developing countries with close ties to developed countries expect to be bailed out after default and expectations of a bailout increase the likelihood of default. Using a panel dataset of more than 100 developing countries between 1975 and 2004, I show that developing countries with political and economic ties to developed countries are more likely to default and are more likely to secure debt relief a fter defaulting than other developing countries. The third essay analyzes debt restructuring after default. Using a game theoretic model, I show how high domestic political costs of adjustment result in favorable restructurings. I argue that mixed regimes are particularly fragile and pay higher costs of adjustment than either full-fledged democracies or autocracies. Using a new dataset on debt reschedulings during the 1980s debt crisis, I find evidence that creditors provide fa vorable restructuring terms to mixed regimes. Overall, the dissertation demonstrates how specific political factors affect creditor-debtor interactions in sovereign debt markets.

The global student debt recovery services market is experiencing robust growth, driven by the escalating burden of student loan debt worldwide and increasingly sophisticated debt collection techniques. The market is segmented by application (schools, banks, government, non-profits) and service type (tuition fee recovery, living expenses recovery, other education-related debt). While precise market sizing requires further data, a reasonable estimate, considering the global student loan debt crisis and the consequential rise in debt recovery activity, places the 2025 market value at approximately $5 billion. Assuming a conservative Compound Annual Growth Rate (CAGR) of 8% over the forecast period (2025-2033), the market is projected to surpass $10 billion by 2033. Key drivers include rising student loan defaults, stringent regulatory frameworks demanding efficient debt recovery, and the increasing adoption of technological advancements such as AI-powered debt collection tools and predictive analytics to optimize recovery strategies. Trends indicate a shift towards more ethical and empathetic debt recovery practices, alongside the growing outsourcing of debt recovery services by educational institutions and financial lenders. However, restraining factors include stringent data privacy regulations, economic downturns impacting borrowers' repayment abilities, and public criticism of aggressive debt collection methods. The North American market, particularly the United States, currently holds a significant market share, owing to the substantial volume of student debt within the region. However, growth in other regions, especially in rapidly developing economies of Asia Pacific (India and China) and parts of Europe, is expected to accelerate, as higher education access expands, leading to a parallel increase in student loan debt and the subsequent need for recovery services. Major players in the market are leveraging technological innovation to improve efficiency and reduce operational costs. The competitive landscape is characterized by a mix of large international firms and specialized regional players, creating a dynamic and evolving market structure. The future success of firms hinges on their capacity to adapt to changing regulations, technological advancements, and evolving consumer expectations regarding ethical and responsible debt collection.

The COVID-19 pandemic that emerged in 2020 as a health crisis, and which later became an economic and even political crisis (Boin et al. 2020), has shown that political actors like governments, leaders and courts were willing to take or endorse drastic measures to mitigate the spread of the virus. So-called lockdowns and other social restrictions were imposed on citizens without much public participation (Bol et al. 2021). Measures to counter the economic crisis that followed the health crisis were taken as a reaction to increasing demands of the public, though, sometimes, without parliamentary approval (e.g., Bursens et al. 2021). During the sovereign debt crisis as well, the EU imposed austerity policies on various countries without much public debate (Hartveld et al. 2013). At the same time, political systems are increasingly interconnected, forming a multilevel governance (MLG) structure. This means that local, regional, national and supranational levels of government each have their separate spheres of authority, but these levels also need to cooperate, hence the interconnectedness, and therefore become increasingly complex (Behnke et al. 2019; Biela et al. 2013). This interconnectedness of various levels is well expressed in times of crisis. Within the European Union (EU), for example, different levels of government were, in one way or another, involved in the mitigation of the pandemic (Lynggaard et al. 2022). The absence of public participation in the mitigation of crises and the increasing complexity of political systems raise questions on citizens’ perceptions of their governments such as, among others, their political trust. Indeed, political trust is seen as an important precondition for the functioning of a political system, especially in times of crisis (Schraff 2020). Research shows, for example, that political trust influences citizens’ willingness to vaccinate (Wynen et al. 2022) or to comply with laws (Marien & Hooghe 2011). The concept of political trust, which is related to concepts of legitimacy of a political system, is even more relevant in complex MLG contexts, where different tiers of government directly or indirectly influence citizens’ and where citizens can express trust in several levels simultaneously.

Political trust can thus be considered as important in both crisis and MLG contexts, and especially in times of crisis in a MLG system. That is why this paper examines the following question: How do crises mitigating measures and multilevel governance contexts impact political trust? Political trust being defined as a “person’s belief that political institutions will act consistently with their expectations of positive behaviour” (Algan 2018). We study this question by means of a systematic literature review based on the PRISMA guidelines of 46 papers on crisis mitigating measures and/or MLG systems, and political trust, whereby political trust is the dependent variable. The goal of this research is to systematize and integrate knowledge of these distinct strands of research, searching for overlaps, in order to get more insight in the phenomenon of political trust. This review thus aims to bridge the gap between two different strands of research by searching for communalities in the way crisis mitigating measures affect political trust and how MLG contexts affect political trust. This is even more relevant given the global scope of crises, such as the COVID-19 pandemic, and the increasing pertinence of MLG structures. Both themes are extensively studied, but rarely in combination with political trust or in combination with each other (see for example Boin et al. 2020 for crisis governance, or Behnke et al. 2019 for MLG). The growing complexity and 'trans boundedness' of crises (Boin and Lodge 2016), however, require a stronger focus on the relationships between crises and MLG, as well as how they together affect political trust. This literature review is therefore a first step to determine the state of the art and to integrate findings with regards to political trust in both contexts. This paper shows that there are some overlaps between the different strands of research, both in use of data and methods as in conceptions of and explanations for trust. There are, however, some gaps in the literature, especially with regards to the levels of government that are commonly studied. Research on the effect of crisis governance on trust focuses on the national level as the most important level, neglecting the MLG structure of most political systems. Additionally, the research on trust in MLG contexts focuses mostly on national and supranational levels of government. Literature on lower levels of government, especially the regional level, remains scarce. In both strands of research, various conceptualisations and notions of trust are used. Finally, literature on crisis governance focuses on the policies themselves and on how the implementation of a policy affects political trust. This literature, however, neglects the possible impact of the way in which measures were decided on political trust, for example whether the fact that decisions on measures were taken after intergovernmental consultations or without public participation affects political trust. The paper consists of six parts and is structured as follows: the first part elaborates on the research strategy of the paper, namely how the systematic literature review is performed. The second part discusses the findings with regards to the dependent variable, political trust, while the third and fourth part assess the impact of respectively crisis governance and MLG structures on political trust. In a fifth part, the impact of crisis governance on political trust in a multilevel system is discussed by means of four articles dealing with the sovereign debt crisis, and related austerity policies, in the EU. The paper concludes with a discussion of similarities between the two kinds of research and of the gaps in the literature, finally also providing avenues for further research.

Debt Recovery Services Market Outlook

The global debt recovery services market size is projected to expand from USD 15 billion in 2023 to approximately USD 25.4 billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.4%. This growth is driven by several factors, including increasing consumer debt levels and the growing need for specialized recovery services among businesses.

One of the primary growth factors for the debt recovery services market is the rising volume of unpaid consumer and business debt. Economic fluctuations, such as those caused by global financial crises or pandemics, often lead to an increase in default rates on loans and credit lines. This results in a greater demand for debt recovery services as financial institutions and businesses seek to recover outstanding debts to maintain their cash flow and financial health. Furthermore, regulatory frameworks in various regions are becoming more supportive of professional debt recovery solutions, further propelling the market growth.

Technological advancements in the debt recovery industry are another significant driver. The integration of artificial intelligence (AI), machine learning, and big data analytics has revolutionized how debt recovery services are conducted. These technologies enhance the efficiency and effectiveness of debt collection processes, allowing for more accurate debtor profiling, predictive analytics, and automated communication systems. This technological evolution not only improves recovery rates but also reduces operational costs for debt recovery agencies, making their services more attractive to clients.

Additionally, the increasing outsourcing of debt recovery activities by companies is a notable growth factor. Many businesses, especially small and medium enterprises (SMEs), lack the resources and expertise to effectively manage debt collection internally. Outsourcing these functions to specialized debt recovery agencies allows them to focus on their core operations while ensuring that outstanding debts are pursued professionally. This trend is further amplified by the increasing complexity of regulatory compliance in debt collection, which necessitates specialized knowledge and capabilities.

The role of Debt Collection Software and Tools has become increasingly pivotal in the modern debt recovery landscape. These tools leverage advanced technologies such as artificial intelligence and machine learning to streamline the debt collection process. By automating routine tasks and providing analytics-driven insights, these software solutions help agencies to efficiently manage large volumes of debt accounts. They also enable more personalized communication strategies, improving debtor engagement and increasing the likelihood of successful recoveries. As businesses continue to seek cost-effective and efficient debt recovery solutions, the adoption of sophisticated debt collection software is expected to rise, further driving market growth.

Regionally, North America holds a significant share of the debt recovery services market due to the high levels of consumer debt and the well-established financial sector in the region. The Asia Pacific region is expected to witness the highest growth rate, driven by the rapid economic development, increasing consumer credit use, and the expansion of financial services in emerging markets. Europe also presents substantial opportunities, particularly with the ongoing digital transformation in its financial sector and stringent regulatory requirements that support professional debt recovery practices.

Service Type Analysis

The debt recovery services market, when segmented by service type, includes first-party collection, third-party collection, and debt buyers. First-party collections involve internal teams from the lending institution attempting to recover debts directly from borrowers. This segment is critical as it often represents the initial phase of debt recovery. Companies may prefer first-party collections to maintain customer relationships and control the recovery process. However, its effectiveness can be limited by the internal resources and expertise available within the company.

Third-party collection services, on the other hand, involve outsourcing debt recovery efforts to specialized agencies. These agencies are equipped with the skills, experience, and tools necessary to handle complex debt recovery cases more efficiently than internal te

Italy recorded a Government Debt to GDP of 135.30 percent of the country's Gross Domestic Product in 2024. This dataset provides - Italy Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This study explores the effects of banking uncertainty on firms’ debt financing. Employing data from 2007 to 2022 of Vietnam–a bank-based economy, we document that banking uncertainty negatively impacts corporate debt. The impact firmly holds across various debt maturities and sources, with the most predominant driver witnessed in bank debt. We also investigate the potential underlying mechanism linking banking uncertainty to debt financing, thereby validating the working of three crucial channels, including increased costs of debt, substitution of trade credit, and contractions in firm investment. Furthermore, conducting extended analysis, we find that debt financing exhibits more pronounced reactions to banking uncertainty for firms with closer ties to banks or during macroeconomic shocks, as captured by the financial crisis and the COVID-19 pandemic. Our findings survive after robustness checks by alternative measurement, static and dynamic econometric models, and endogeneity controls.

Life insurers’ business model has changed with the growth of insurance products with minimum return guarantees that are exposed to market and interest risks. The interest risk exposure of US and European insurers increased in the low interest rate environment after the global financial crisis and the European sovereign debt crisis, respectively. The relative fragility of life insurers is highly persistent across the global financial crisis, the European sovereign debt crisis, and the COVID-19 crisis. European insurers with a higher share of liabilities with minimum return guarantees in 2016 had lower stock returns during the COVID-19 crisis.