[imtringued]

This is a classic tale of imbalanced trade resulting in a debt trap, the moment debts become unpayable, the government has no choice but to borrow money for interest payment, which mean interest starts fueling inflation and since more inflation means higher interest rates, the government will have to borrow more and more, leading to hyperinflation. If the government cut interest payments to zero, it would actually stop the hyper inflation assuming that the government pursues austerity and tight monetary policy afterwards. Any negative effects of austerity can then be countered by lowering the interest rate below zero.

What people don't seem to understand though is that it is easy for a developed country to refuse to import products from a developing country, which in turn makes this a structural problem in the global economy rather than a failing of any particular politician.