Asked • 07/25/19

Why is Greece's debt considered a problem but not US debt, which is much larger?

Greece's and other southern European countries' debt has been considered a problem since the 2008 crash, and austerity measures have been forced to the people.However the United States also have a colossal debt, yet I have never heard of it being a problem or that the United States requires austerity measures.I have no idea how accurate they are, but the [US debt clock]( displays a debt with 14 significant numbers in US$, while the [Greece debt clock]( "only" displays a debt with 12 significant numbers (also in US$). Other sources state $32,000 per capita for Greece, $56,000 per capita for USA. I know that the population of Greece is much less than in the U.S., however I do not think it matters to people "lending" money to the governments - *In both cases it seems extremely unlikely that this money will ever be refunded.* Also Greece receives more tourists each year than it's own resident population (15 million tourists for 11 million residents) so it's hard to compare.

1 Expert Answer


David S. answered • 07/31/19

New to Wyzant

Political Science, History, and Japanese tutor

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.


Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.