It's one thing for a country to have so much debt but has also leveraged that same debt for greater productivity and better services, and quite another for a country to be buried in debt but squandered the money on pointless expenses. The former is Japan. The latter is my tiny country.

Japan is one of the world's largest economies--within the top 5--with a high standard of living. My country is poor with low standard of living. Japan has efficient public services. Bridges seldom collapse but when they do, they're quickly restored to a sturdy condition that would last for decades.

Here in mine, a newly-built bridge may collapse anytime. It takes several years to build it only to see it crumble after weeks or months. The restoration will be done for several years. It will again be serviceable for weeks. Proceeds from loans and grants are either stolen by the country's officials or spent on unsustainable and hollow programs and projects like direct dole-outs and subsidies.

Who likes to pay when there's nothing in return?