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Any stories like the one below are almost laughable in the current belief system of "everything is too big too fail, and anything on Earth can be bailed out so just buy stocks". But just keeping it in front of you - one day this sort of fundamental issue will matter again. I will keep pushing out the United Kingdon ahead of Japan as the potential "big one" that hits first, since Japan's debt is mostly financed by their own population (who has a high savings rate). So in theory their situation could go on a very long time since they require very little from foreigners to keep the game going. On the other hand, the advantage the UK has is much of its debt has a quite long term on it (14 years on average) versus the U.S. which is roughly 5 years, before it needs to be rolled over. But frankly it will all come down to confidance and measuring that with facts and figures is impossible. As always, in the Twilight Zone backstopped galaxy we live, it will only matter when it matters. Let's see if either the coming election, or if the UK central bank is forced to embark on a new round of QE to monetize the debt is an event that will "matter".
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