I think the whole issue highlights just how much of a scam is going down right in front of us.
Debt rollover. We pay the debt with fresh debt. This sort of thing, it works fine, until it doesn't.
That is to say, reality doesn't care about debt. Debt is a human construct, and therefore each dollar of debt has some nominal productive utility. Without proper management, the nominal utility of a dollar of debt becomes so low as to be in fact, unproductive. If this mismanagement is on a national or global scale, it doesn't matter if one person (or country) manages their debt well or not. The drunks have pissed in the sober peoples coffee pot, so to speak.
Eventually the fact that productive capacity is being stunted and stolen through this debt scheme becomes apparent in the economy, no matter what the numbers say (who wishes shadowstats had an Australian branch?). It isn't speculation, it's a simple mathematical certainty.
Boggo, I can just see our banksters begging in front of their creditors to extend the loans "Australian householders are good for it!"..."are they? Whats your workforce consist of?" ..."um, well after we dismantled our manufacturing sector and the rich tourists stopped coming because of the exchange rate, our GDP comes almost entirely from stuff we export and household demand for imported retail junk"..."I see. Miners, clerks and politicians. Extension denied!"