An IMF paper by 3 economists says some countries with high public debt levels might be able to "just live with it", because cutting back carries its own risks
"A radical solution for high debt is to do nothing at all"
"Debt is bad for growth ... but it does not follow that paying down debt is good for growth. This is a case where the cure may be worse than the disease: paying down the debt would require further distorting the economy, with a corresponding toll on investment and growth."
Instead, countries can wait for their debt ratios to fall through higher economic growth or a boost in tax revenues over time.
Note: The economists writing in a blog accompanying a Staff Discussion Note, which does not represent the IMF's official position