The country has a severe budget deficit and is piled high with debt.
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history
From 《汉书·诸侯王表序》: 分为二周，有逃债之台 - 'the [later] Zhou split in two, and there was a Terrace for Fleeing Debts.' Legend has it King Nan of Zhou (d. 256 BCE) borrowed so heavily from his nobles that he had to hide on a tall terrace to avoid his creditors. The terrace became known as 逃债台.
memory
Literally 'debt-terrace built high' - picture debts stacked like bricks until they form a tower.
