Debt crisis

Rarity: Common

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Notion

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Science and technology

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What Wikipedia says

A debt crisis is a situation in which a government (nation, state/province, county, or city etc.) loses the ability of paying back its governmental debt. When the expenditures of a government are more than its tax revenues for a prolonged period, the government may enter into a debt crisis.

Excerpt from the Wikipedia article “Debt crisis”, under the CC BY-SA 4.0 license. Read the article on Wikipedia

Image: Yuasan, CC0, via Wikimedia Commons.