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The debt crisis in European countries, particularly Greece and Italy, can impact the global financial sector, including Indonesia. The possibility of a Greek default and Italy's ballooning debt threaten the world economy. Several EU countries even have debt-to-GDP ratios exceeding 100 percent.
According to Eurostat, Greece's debt-to-GDP ratio in Q3 2016 reached 176.9 percent, while its budget deficit was 7.5 percent in 2015. Portugal's debt-to-GDP ratio in Q3 2016 was 133.4 percent, with a 4.4 percent budget deficit in 2015. Similarly, Italy's debt ratio is also high, reaching 132.7 percent of GDP, and its budget deficit reached 2.6 percent.
The anticipated interest rate hikes by the US Federal Reserve (The Fed), the policies of President Donald Trump's administration, and uncertainties in Europe will continue to affect the global economy throughout 2017. Furthermore, countries that bailed out Greece, such as Germany, the Netherlands, and France, will be holding general elections.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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