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The Greek crisis had already become one of contraction, poverty, and unemployment, but this spring Greece's debtor status took on a banana-republic dimension.
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America slid into debtor-nation status, and Americans "went from owing 16 cents for every dollar in national income in 1981" to owing 44 cents per dollar in 1988.
And our status of debtors leaves us with a stark choice: work, or face destitution.
Bankruptcy, the status of a debtor who has been declared by judicial process to be unable to pay his debts.
In the United States, recent books have argued that the country's status as a debtor nation is curbing its global reach.
His coming book, "Foreign Policy Begins at Home," is part of a wave of recent literature arguing that America's reduced global ambitions are linked to its status as a debtor nation.
This Europe, he said, "is divided into debtors and creditors, with the creditors led by Germany being in charge and calling the shots and the debtors relegated to an inferior status which is threatening to become permanent".
The origins of the mess arise from Argentina's status as a sometime deadbeat debtor.
Again, the laws of the different countries vary greatly with respect to the elements that must be present to make a transfer voidable as a preference, especially those of a subjective character such as intent on the part of the debtor or knowledge of the debtor's financial status on the part of the creditor.
But none of this affects creditor-debtor cases in state courts which means Florida's status as a haven for those ducking debts is secure so long as the shirkers stay out of federal bankruptcy court.
But now, it seems likely the U.S.-led occupation of Afghanistan will be adversely affected by Washington's new status and pauper and the world's biggest debtor nation -- the Sick man of the North Atlantic.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com