Eli5: How can some country have trillions of dollar in debt like Japan but still functional without any consequences?

Question

Eli5: How can some country have trillions of dollar in debt like Japan but still functional without any consequences?

In: 101

Answer 1

They’re starting to feel the consequences now, ultimately it’s unsustainable. Why they survived for so long is because their citizens are financially prudent and lent their money to their own government. The citizens themselves have big savings and little debt.