External debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the government, corporations or private households. The debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund (IMF) and World Bank. Note that the use of gross liability figures greatly distorts the ratio for countries which contain major money centers, e.g. United Kingdom, because of London's role as a major money centre. Contrast Net international investment position
Read more about External Debt: Definition, External Debt Sustainability, Indicators of External Debt Sustainability
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“The ideal of brotherhood of man, the building of the Just City, is one that cannot be discarded without lifelong feelings of disappointment and loss. But, if we are to live in the real world, discard it we must. Its very nobility makes the results of its breakdown doubly horrifying, and it breaks down, as it always will, not by some external agency but because it cannot work.”
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