I have written a few hubs on this subject and your question has done me and probable everyone else a favour; as it gave me the opportunity to do a little housekeeping and put the most salient hubs together in one place for easy access. So you will have the background and a couple of solutions to the current mess.
Hope this helps you to find the answers you are looking for.
Let me know you views.
Unfortunately I am not allowed to post the link here for some reason so you will have to put it in manually.
'How the government controls the public debt'
should find it.