External debt - the sum of which is formed as a result of the inflow of loan capital to the country.In connection with the receipt of third-party funds is liable to repay the loans, credits, loans and payment of interest.Total external debt amounts to more than two trillion dollars.At the same time borrow only countries with non-convertible or partially convertible currency.For other external debt is not formally challenge.Such powers can fulfill their financial obligations to non-residents with the help of the national currency, changing it to a foreign one.Thus, these countries pay the external debt with not only external but also internal assets.However, according to unofficial estimates, the powers in these financial obligations is greatest.
External debt can be private.It is about seven hundred trillion dollars.This amount forms the obligations of banks and companies.
There is also the concept of "external debt of the state."It is about 1.7 trillion.dollars.It is formed from the third-party financial obligations of state bodies (including local authorities) and of the liabilities guaranteed by the government party in the private sector.
The magnitude of the external debt of the leaders of the following countries: Brazil, China, Russia, Argentina, Mexico, Turkey, South Korea and Indonesia.By the beginning of the decade in all these powers liabilities exceeded one hundred billion, and in Brazil, even two hundred billion dollars.
At the same time, experts point to the fact that the external debt is burdened not only by its size, but also the payment of the loan.
heavy financial obligations may be considered by the example of Russia.
According to expert data, the size of the country's external debt by early 2004 was equal to one hundred and eighty two billion dollars.At the exchange rate in relation to GDP is 42%, with respect to the annual export of goods and services - 120%.These figures are regarded by the authors as moderate.
severity of service financial liabilities can be determined by other factors.So, by 2003, Russia spent (according to expert estimates) about thirty five billion dollars.Regarding the main source of foreign exchange - revenues from exports of goods and services - it was about 23%.Dangerous threshold is considered an indicator of 20-25%.
Experts point out that, despite the urgency of the problem of Russia's foreign debt, its content (the problem) has changed.To date, more relevant private financial obligations.As a result, a considerable inflow of foreign exchange reserves and the state budget oil revenues, Russia's public debt tends to shrink.
It should be noted that the financial obligations of countries are not only negative, but also positive aspects.Most modern economists point to the severity of service credit, the emergence of political and economic dependence on creditors, as well as inefficient use of loan funds.To a large extent this is related to the position of the developing debt crisis in different countries.Along with this, other economists point out that foreign borrowings significantly improve the economic condition of the state.New industrial powers used the influx of third-party loan capital for its rapid development.
It is difficult to hold the balance between the positive and negative sides of the external debt.However, it can be assumed that the positive aspects outweigh the negative in circumstances where borrowed funds are distributed so effectively that there is no difficulty servicing of financial obligations.To do this, according to experts, loan capital should be directed not so much for the restoration of the state budget, but on long-term investments in the economy.
