Is a high public debt a problem?

It is often believed that a high public debt ratio is a serious problem. But what are the risks when the public debt ratio is high? Corporate capital may be crowded out through a rise in interest rates, which is the case if private savings are insufficient and if it is difficult to increase the external debt. In the recent period, this has only happened from 2010 to 2014 in the peripheral euro-zone countries; There may be a loss of government solvency, or to avoid it, either a permanently restrictive fiscal policy, or severe pressure on the central bank to maintain an expansionary monetary policy, and therefore abnormally low interest rates, excessive liquidity growth and risk of bubbles. The latter risk (abnormally expansionary monetary policy) can be seen everywhere at present, which prevents a crowding-out of private sector investment and also a restrictive fiscal policy.