It has been calculated the world’s top economies have 5.8 trillion euros worth of borrowings they will have to pay back in 2012.

That is the Group of Seven leading economic nations, plus the so called BRICs — the biggest emerging countries Brazil, Russia, India and China.

Most of those countries will have to pay higher rates of interest to borrow more.

Japan in the top spot with 2.3 trillion euros, followed by the United States with the equivalent of 2.1 trillion euros.

Italy needs to refinance 330 billion euros, France 282 billion and Germany 219 billion.

Economist Francois Chaulet of Montsegur Finance said: “You see that 2012 starts with a number of problems similar to those we faced in 2011, that is the difficulties European states are having in lowering their debt and restarting their economies. It’s obvious that the economic situation is not very strong and won’t be during the first part of 2012.”

The investors who are going to lend those governments money are very wary about how the weak global economy will effect their ability to repay, thence the high interest rates.

Japan is not seen as having much trouble financing its debt load this year, even though it will have to pay more to borrow.

Europe faces the biggest potential problems, particularly those countries which could see their credit ratings slide further.

euronews