sovereign debt

This term is primarily used in formal economic, political, and financial contexts. It carries a heavy connotation of national stability and geopolitical risk, as the inability to service this debt often leads to a sovereign default, which can trigger widespread economic instability or international intervention.

Because it refers to the aggregate financial obligation of a state, it is treated as an uncountable mass noun. You would not refer to "three sovereign debts" of a single country; instead, you would discuss the "level of sovereign debt" or "amounts of debt."