Sovereign debt markets in the 21st century will be influenced by lessons learned from the eurozone debt crisis. The crisis showed that debt problems can affect advanced economies, leading to a dangerous loop between banks and governments. It also highlighted the risks of debt distress without actual defaults, as well as the importance of bailouts and legal threats in debt restructuring. Looking ahead, the role of banks, legal issues, and new lenders like China will shape future debt crises. Debt sustainability and default risks will continue to be major concerns for both developing and advanced economies.