If they let interest rates go high, the government will go bankrupt along with many companies and individuals. We can't afford 20% base rates anymore. The economy is not healthy enough for that. At least I don't think anyone is ready for the shitstorm that would unleash...
No, they don't. If the debt cannot be afforded, they should default. Start by balancing the budget. This inflation will probably ruin us. Kicking the can down the road makes the reckoning worse. It's not fixing shit, and it is causing way more problems.
