Sovereign debt markets need reform to protect citizens from excessive borrowing.
Sovereign debt markets are often seen as unique, but looking at the lenders' roles and incentives can provide valuable insights. By focusing on lenders, we can see that sovereign debt has similarities with consumer debt rather than corporate debt. This perspective reveals gaps in understanding the negative impacts of excessive debt on citizens and the lack of clear goals in reform initiatives. Drawing parallels with consumer lending can help improve the understanding of the responsibilities of lenders in sovereign debt markets.