Denmark Rids Itself of Foreign Debt For First Time in 183 Years

Denmark Rids Itself of Foreign Debt For First Time in 183 Years

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After Denmark pays off the final installment of a $1.5 billion loan to the United States today, it will be the first time the nation will have been without foreign currency debts since 1834.

Though the country still carries domestic debt, the improved national economy and fixed exchange rate policy makes for a historical event indeed.

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Denmark first raised foreign loans in 1757 issued from the Netherlands and Germany in order to bulk up their federal reserves – but as of now, the debt-to-gross national product ratio has become one of the lowest amongst major European economies, according to the European Commission.

“The central government has not needed to raise any loans in foreign currency, and the loans have been gradually repaid,” the central bank said on Monday.

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(Photo by Kevin Crumbs, CC)

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