Indebtedness and Moral Confusion Romania’s Public Debt and Global Public Debt: A Problem of International Political and Economic Stability

Debt represents a sum of money that an individual or a legal entity (a company or a state) borrows from another individual or legal entity. The party providing the loan is called the creditor, while the party receiving the loan is referred to as the debtor. The borrowed sum is repaid together with the corresponding interest. In every case, the borrower must make additional efforts in order to repay the debt. Indebtedness is a process with a pronounced moral dimension, as it involves fulfilling the obligation to return the borrowed money 7. Debts must be repaid on time and under proper conditions. The debtor’s intention not to repay the respective amount—regardless of status or legal form—is sanctioned by the existing legal framework. Nevertheless, today individuals and nations alike have turned debt and indebtedness into a habitual mode of existence. The magnitude of public debt contracted by contemporary states is extremely high and threatens the very foundations of global political and economic stability.