Well, distributional effects are more than capable of creating a catastrophe. My point is just that the world (or the EU) as a whole does not need to repay any debt, if only it could re-allocate the existing assets better.

There need not be any drain from the debt at societal level. Of course, there will be plenty of "repayments" at societal level in the coming decades, mostly because we will have to divert huge resources into making our economies sustainable.

But with regards to the immediate situation (I know climate change has already wrecked many communities, but it is yet to have a major economics impact. Similarly, even at 100$ a barrel, oil remains pretty cheap), it did not have to be that way. It is a matter of choice. A choice that was clearly not made by, or at least in favour of (there is far too much support for crazy policies, after so much propaganda), the 99%.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi