Share

As it stands, there are five debt-free countries in the world — Macau, the British Virgin Islands, Brunei, Liechtenstein and Palau.

And now, Denmark will pay off its last foreign currency loan worth $1.5bn today — liberating itself of any foreign debt obligations for the first time in around 183 years.

Data from the Danish central bank shows that the last time the central government was near paying off all its foreign currency loans was back in 1894.

Denmark’s first state loan in foreign currency was taken in 1757.

“The sole reason why the Danish central government raises loans in foreign currency is to ensure that the foreign exchange reserve is sufficient. In recent years, the central government has not needed to raise any loans in foreign currency, and the loans have been gradually repaid,” the Danish central bank said on Monday.

However, the Scandinavian country still has domestic debt in Danish kroner to the tune of approximately 650bn kroner – about 32 percent of its GDP.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Denmark issues bonds in crowns to cover its deficit and redemptions of domestic bonds.

The news comes as Norway took Denmark’s top spot as the world’s happiest country this year in the United Nations’ World Happiness Report 2017 published today. Denmark came second.