What is critical size of national debt in comparison to
GDP after what bankruptcy is likely?For example Japan
has national debt 200% and still didn't have default.
Is size of general debt more important?
Why different countries do not cancel debts one to another?For example US has big debt and one of the main its creditors is Japan.But Japan has huge debt too.So why they do not cancel debts one to another and will not become free of debts?How this world market mechanism is working?