There has been a particularly big rise in issuance from nonfinancial companies, whose debt sales account for nearly three-quarters of total international bond issuance so far this year and are up nearly fourfold compared with the amount of bonds sold by the same stage last year.

WSJ: Investors Snap Up Eastern Europe Debt

Here in the U.S. total debt for domestic nonfinancial sectors as a percent of nominal GDP rose from under 140% in 1980 to over 240% today.

FORBES: Intrinsic Value

Not all of these debts are from governments: Banks, nonfinancial companies and households can also carry heavy debt loads.

WSJ: Euro Crisis Clouds Global Outlook