Italy is next on the table to go war with the EU after England leave the EU in October.
As for the debt growth, a lot of so called smart people with a lot of phds in air conditioning buildings are to blame. The blame is squarely on them. Nothing got fixed from 2008, nothing!
Lenders have no choice to lend as EU and Japan are full tilt to no where land with negative rates. They can't fix the next global recession and the Fed already have rates at lowest they have ever been.
Lenders have to lend because they are playing the lending music, ie (central banks low rates) but there are no real returns out there anywhere. Bonds and cash are horrible returns right now. So debt has grown and the pressure cooker has been boiling on high for 30 plus years now.
If the recessions starts going in a wrong way fast it will get really bad. As the one authority that is suppose to handle it has run out of bullets the central banks.
The new capitalism model needs to go in place and fast!