Ok, let's look at Italy then. Big debt sure, mostly held by Italians. Low private sector debt, 50% compared with 150% in the US (yes, the guys who will downgrade Italy, stinking hypocrites!, and home of most of the world's thieving bankstes to boot), corporate debt lower than Germany, France, UK, best food on Earth, much of it exported, great wine and biggest wine exporter, top fashion exporter, top motorbike and car manufacturer, to producer of many high-tech high-end appliances, top coffee machines, top coffee, top tourism destination, top gold reserves, top culture, top real estate around the riviera, top women. No wonder the banksters want to grab this for peanuts, can't you see the scam?
