These are countries that have debt owed to its residents and non-residents that they need to pay back in currencies, services and goods that are acceptable worldwide. These are countries that borrowed large sums of money when they were doing well and now they are finding it hard to deal with these debts.

10. Belgium

Belgium has always been known for its large debt. It has a population of 11,035,948 and its debt is understood to be around 141% of the total GDP. This can be attributed to the high political instability. Due to this, Belgium has faced sanctions to downgrade its credit rating.

9. Singapore

Singapore is a south-east Asian island. It has a total population of 5,312,400. It is one of the world's leading financial centers and has one of the busiest ports in the world. The economy relies much in exports and refining of the imports. The manufacturing sector is about 26% of the country's GDP. Singapore's economy has been on the decline in manufacturing and a drop in financial services. Currently it has a debt percentage of GDP of 102.1%.

8. Italy

Italy has a total population of 59,685,227. It is also ranked third in terms of its Gold reserves. It is the second highest country in the euro zone in terms of public debt. Despite of the huge public debt the government has, it is not planning to raise taxes to finance this deficit. Currently it has a debt percentage of 118.1%.

7. Jamaica

This is an island country situated in the Caribbean Sea. It has a total population of 2,889,187. The country's debt escalated between the years of 1996 and 2003. This was attributed to a drop in the financial sector and there was a drought that paralyzed the agricultural sector. However, most of the debt is owed to the residents of Jamaica. The country introduced the Debt Exchange program and made changes to its tax policy. Currently it has a GDP debt percentage of 123.2%.

6. Iceland

This is a country that is between North Atlantic and Arctic Oceans. It has an estimated population of 321,857. The country provides a free healthcare for all its citizens. Despite the government lowering its spending, it has done little to avert the situation and it needs a major overhaul to compact the situation. Currently it has a debt percentage of 123.8%.

5. Greece

This is a country that has a population of about 11 million people. Debt is a major concern in this country. There have been actions that have been taken to mitigate the situation and managed to keep its outlook negative but has damaged the country's credit rating. IMF has a belief that Greece will be able to compact the situation. Currently it has a GDP debt percentage of 144%.

4. Zimbabwe

This land locked country is found in the southern part of Africa. It has a total population of 12,619,600. The country's financial crisis is deeply rooted in President Robert Mugabe's spending habits. This has the country asking for debt relief to avert the situation. The IMF has reported that the country was in "debt-stress". Currently it has a GDP debt percentage of 149%.

3. Lebanon

This is a country situated in the East Mediterranean. It has a population of 4,224,000. Although it has been on the reducing side, it still has a large turmoil in the country and is forced to spend half of its budget in paying debts. The country debt has been, in the past, a cause of major protests. The country is also considering a change in its tax policy. Currently it has a GDP debt percentage of 150.7%.

2. St Kitts and Nevis

This is one of the island countries found in the Caribbean Sea. It has an estimated population of 51,300. The country economy largely depends on tourism and was largely affected by the global recession . Debt has seen the country's foreign investment fall. Currently it has a GDP debt percentage of 196%.

1. Japan

This is an Asian country that consists of 6852 islands. It has a population of 126,659,683. It is one of the world's major economic powers. The debt has been attributed to the housing problem in the 90's. It has a large budget of about $1 trillion and the earthquakes and tsunamis have not made it better for the debt ridden country. Currently it has a debt percentage GDP of 225.8%.