In theory yes. Except you don't have control over the interest rate nor the exchange rate. When the double whammy hits you, you have no cover. If a government

In theory yes. Except you don't have control over the interest rate nor the exchange rate. When the double whammy hits you, you have no cover. If a government has internal debt, i.e in it's own currency, it can print the debt away which would cause inflation and some distress. If the government has external debt i.e foreign currency, it is at the mercy of those creditors who can now dictate policy.