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Concern has quickly spread beyond just the sovereign bonds issued by the three countries as well as by Italy and Ireland, which are also seriously indebted.
The immediate cause of the strike is a state and city budget crisis that has left the school system seriously indebted and planning steep budget cuts and furlough days.
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Carlo Cottarelli, the head of the IMF's fiscal affairs department, said critics of austerity, such as the US economist Paul Krugman, should be taken seriously, but were misguided in thinking that international money markets would accept indebted countries overspending to boost growth.
"Seriously. "Seriously.
We're indebted to him.
Some are heavily indebted, too.
Britain is massively indebted.
"You're not indebted," he says.
Indebted sharecroppers faced limited options.
Many borrowers remain deeply indebted, however.
Ireland is heavily indebted to Germany and Britain.
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