The UK National Debt is the total borrowing of the Government, going back centuries. The biggest creditor is the Bank of England. The Bank of England is a Private Limited Company, which has the right to issue money based on debt. read more
How Not To Reduce National Debt. The problem facing European countries is that debt / GDP ratios are rising. For example, even though Greece is trying to implement severe spending cuts, this is unlikely to reduce debt to GDP. One problem Greece faces is the prospect of several years of negative or stagnant growth. read more