michael,
Do any of us really know what the consequences will be? Japan has been carrying a huge debt/gdp ratio for awhile now:
Name
National Debt to GDP Ratio
Population
Japan 237.54% 126,476,461
Venezuela 214.45% 28,435,940
Sudan 177.87%
Greece 174.15% 10,423,054
Lebanon 157.81% 6,825,445
Italy 133.43% 60,461,826
Eritrea 127.34% 3,546,421
Cape Verde 125.29% 555,987
Mozambique 124.46% 31,255,435
Portugal 119.46% 10,196,709
Barbados 117.27% 287,375
Singapore 109.37% 5,850,342
United States 106.70% 331,002,651