The article explores why countries might choose to not pay back their debts. It suggests that if it's easy for a country to not pay, they won't. But if there are consequences for not paying, they will try to keep their debt in check. The study shows that when a government cares more about bond holders, they will have more debt. And when debt ownership is more concentrated, the total debt will decrease. These findings hold true even when considering foreign investors, taxes, or other assets.