The largest holders of US Treasuries after China and Japan

 are listed below. 
And a quick review of the facts underscores that they are even more unnatural holders of Uncle Sam's debt than China, Japan or Russia.
For instance, Ireland's $301 billion of holdings amounts to 90% of its $330 billion GDP. 
We seriously doubt that its central bank was in the business of "investing" nearly the totality of its national income in Uncle Sam's low yielding paper.

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