U.S. Treasury Secretary Janet Yellen recently spoke at a think tank where she warned that high levels of government debt are 'unsustainable.'
Federal debt held by the public created since the housing crisis has mostly been the result of borrowing from U.S. domestic entities, not foreign nations.
"Debt restructuring not only serves the interests of the borrowers, it also serves the interests of the creditors, because if the country is stopped from growing, developing, making investments to put it on a firmer economic course, at the end of the day, more restructuring will be necessary and the country will be less able to make payments to creditors. So, there’s a common interest in getting this done," she said.
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