Has the danger shifted from private to public debt in OECD countries?

Since the 2008 crisis in OECD countries, the private sector debt ratio has decreased and its wealth has increased ; the securitisation of private sector bonds has fallen considerably : a private sector debt crisis has now become much less likely than in 2008. But the public debt ratio in OECD countries has increased. Is there cause for concern at the risk of a public debt crisis? This risk threatens only those OECD countries where: The public debt ratio is very high; Monetary policy can not be used to monetise the public debt; The tax burden is already very high. Th is may be the case of France and Italy, assuming the ECB would refuse to avert a public debt crisis in these countries should one threaten to erupt .