system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What would happen if all of the countries decided to forgive all outstanding debts with other countries?

I asked my government teacher, and she said that she had no idea. Any Economics people out there willing to share?
gpt
Then the countries that owe more soverign (national government) debt than they are owed would have more money to spend, and those that owe less than they are owed would be screwed.

It's worth noting that **a lot** of government debt isn't owned by governments.