You are correct in that
But we are at a different stage.
If I owe you $100,000.00 I am your slave.
If I owe you $100,000,000.00 you are my slave.
You will do what you can as fast as you can to keep yourself afloat and rid yourself of me. Only problem is, you can't and that's where bad things start to happen.
Then I guess all the whining about furriners owning our debt is misguided.