In the country, when someone does not return your money, you take recourse to the law. But have you ever thought that if a country is in debt and does not repay the loan? In that situation, what action is taken against that country? Today we will tell you what happens if the country’s loan is not returned.
How do people repay loans?
You must have seen many people around you who have asked for loan of money from the bank, through some application or personally from people. That means those people must have taken loan for some work or the other. But when someone does not repay the loan, then in that situation the bank takes recourse to the law. But do you know that in the country where you live or in any other country, loans are taken for different economic reasons. Yes, there are many countries including America, which have debts worth thousands of crores.
These countries are drowned in debt
Almost every year, the World of Statistics releases a list of the names of the most indebted countries in the world. For example, the World of Statistics had released a report on the data of 2023. America’s name is at the top of that list. Let us tell you that America has a debt of 33229 billion dollars. China’s name comes at second place. Japan is at third position. Japan has a debt of 10,797 billion dollars. At the fourth place is the UK with a debt of 3,469 billion dollars and at the fifth is France. France has a debt of 3,354 billion dollars. India is at seventh place in this list, India has a debt of 3,057 billion dollars.
What action is taken if loan is not repaid?
Now the question is what happens to the country if the loan is not repaid. According to the information, any country takes loan in different ways. Some countries take loans from international banks. Some countries take loans from other countries. Not only this, many countries take loans from other countries in the name of trade. Let us tell you that if a country does not repay its loan, then first of all other countries stop trade with it. Due to which the economy of the borrowing country gets shaken. At the same time, if someone does not repay the loan of an international bank, then that country is put in the blacklist. After which that country does not get funds from anywhere to run the business or economic condition of the country.
