I would also add two things: 1. Debt needs to be taken in context with both income and wealth e.g. italy's $2.8T [1]in debt seems large as a ratio of GDP, but

I would also add two things: 1. Debt needs to be taken in context with both income and wealth e.g. italy's $2.8T [1]in debt seems large as a ratio of GDP, but considering the country's NET wealth is $10.5T [2] meaning the country is in fact quite rich 2. Who owns the debt matters as well, for example if Icelandic government debt is held only by Icelanders the difference between defaulting and raising taxes is purely an accounting exercise at the macro level [1]https://www.nationaldebtclocks.org/debtclock/italy https://www.nationaldebtclocks.org/debtclock/italy [2]https://www.nationaldebtclocks.org/debtclock/italy https://www.nationaldebtclocks.org/debtclock/italy