Why You Shouldn’t Obsess About the National Debt - If you have a printing press

 But haven’t there been many debt crises in history? What about Latin America in the 1980s, southern Europe in 2010-12 and others? 

Well, almost every debt crisis I’ve been able to find in the historical record involved a country that borrowed in someone else’s currency, which left it vulnerable to a liquidity crunch when lenders for some reason ran for the exits and it couldn’t print cash to pay them off until the panic subsided. 

In fact, the euro crisis rapidly faded away after Mario Draghi, then the president of the European Central Bank, said three words — “whatever it takes” — implying that the bank would provide cash to debtor nations under stress.

Paul Krugman New York Times 6 June 2024

https://www.nytimes.com/2024/06/06/opinion/national-debt-us-taxes.html

The euro is in essence a foreign currency for a crisis-hit eurozone member

Om man har en sedelpress går man inte i konkurs

https://englundmacro.blogspot.com/2022/06/the-euro-is-in-essence-foreign-currency.html

RE: Om man går med i euron har man inte längre någon sedelpress.