[
  {
    "slug": "total-gross-debt",
    "title": "Total Gross Debt",
    "summary": "This metric now keeps the uploaded public, household, and corporate debt layers together so the private sector can no longer hide behind a calmer sovereign headline.",
    "why": "Global debt risk often appears first in the private sector.",
    "signals": [
      "Public debt stock",
      "Household leverage",
      "Corporate leverage",
      "Aggregate total-debt burden"
    ],
    "sources": [
      "IMF Global Debt Database",
      "Global Debt Analysis 2025 workbook"
    ],
    "dataPanels": [
      {
        "id": "metric-total-gross-debt",
        "span": "span-12",
        "mark": "I.",
        "title": "Total Gross Debt Watch",
        "cite": "IMF global headline + uploaded 2025 watchlist",
        "rows": [
          {
            "label": "World Total Debt Pace",
            "reel": {
              "anchorValue": "250000000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "7927448",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "IMF world total on a rolling comparison rail."
          },
          {
            "label": "Watchlist Total Gross Debt Pace",
            "reel": {
              "anchorValue": "83671980000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "2653221",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Combined total gross debt across the uploaded six-country set."
          },
          {
            "label": "Japan Total Gross Debt / GDP",
            "value": "440%",
            "tone": "crimson",
            "tip": "Highest total-leverage ratio in the uploaded watchlist."
          },
          {
            "label": "China Total Gross Debt / GDP",
            "value": "292%",
            "tone": "crimson",
            "tip": "Private leverage dominates the total debt burden."
          },
          {
            "label": "India Total Gross Debt / GDP",
            "value": "174.5%",
            "tone": "",
            "tip": "Balanced sovereign and private debt story."
          },
          {
            "label": "Nigeria Total Gross Debt / GDP",
            "value": "75.7%",
            "tone": "dim",
            "tip": "Lower stock, but still severe cash-flow strain."
          }
        ]
      }
    ]
  },
  {
    "slug": "public-debt-to-gdp",
    "title": "Public Debt to GDP",
    "summary": "Public debt to GDP remains the cleanest sovereign sustainability ratio, and the uploaded 2025 watchlist now ties that ratio to nominal debt stocks and revenue pressure country by country.",
    "why": "A ratio means more when you can see the stock behind it and the revenue strain around it.",
    "signals": [
      "General government debt",
      "Nominal GDP",
      "Interest share of revenue"
    ],
    "sources": [
      "IMF GDD",
      "Global Debt Analysis 2025 workbook",
      "UNCTAD"
    ],
    "dataPanels": [
      {
        "id": "metric-public-debt-gdp",
        "span": "span-12",
        "mark": "I.",
        "title": "Public Debt to GDP Lens",
        "cite": "IMF global headline + uploaded 2025 watchlist",
        "rows": [
          {
            "label": "World Public Debt Pace",
            "reel": {
              "anchorValue": "98000000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "3107560",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "Global public debt stock translated into a rolling comparison rail."
          },
          {
            "label": "Japan Public Debt Pace",
            "reel": {
              "anchorValue": "10668000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "338280",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "Japan public debt stock on a rolling comparison rail."
          },
          {
            "label": "China Public Debt Pace",
            "reel": {
              "anchorValue": "16095000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "510369",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "China public debt stock on a rolling comparison rail."
          },
          {
            "label": "India Public Debt Pace",
            "reel": {
              "anchorValue": "3258750000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "103334",
              "prefix": "$",
              "color": "crimson",
              "size": ""
            },
            "tip": "India public debt stock on a rolling comparison rail."
          },
          {
            "label": "Japan Public Debt / GDP",
            "value": "254%",
            "tone": "crimson",
            "tip": "Highest public-debt ratio in the uploaded sample."
          },
          {
            "label": "Brazil Public Debt / GDP",
            "value": "88.5%",
            "tone": "crimson",
            "tip": "High real rates make the ratio harder to carry."
          }
        ]
      }
    ]
  },
  {
    "slug": "debt-service-pressure",
    "title": "Debt Service Pressure",
    "summary": "Debt service is the bridge between a large stock and actual budget strain. The new watchlist now makes that bridge visible across Ghana, Nigeria, Brazil, China, and India.",
    "why": "Countries break through payment pressure before they break through one stock number.",
    "signals": [
      "Debt service to revenue",
      "Interest share of revenue",
      "Refinancing concentration"
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "World Bank IDS",
      "Debt Management Monitor"
    ],
    "dataPanels": [
      {
        "id": "metric-debt-service-pressure",
        "span": "span-12",
        "mark": "I.",
        "title": "Debt-Service Pressure Watch",
        "cite": "Uploaded 2025 watchlist + global development context",
        "rows": [
          {
            "label": "LMIC Foreign-Debt Payments Pace",
            "reel": {
              "anchorValue": "1400000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "44394",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "World Bank payments total on a rolling comparison rail."
          },
          {
            "label": "Nigeria Debt Service / Revenue",
            "value": "95%",
            "tone": "crimson",
            "tip": "Severe service strain despite a lower debt stock."
          },
          {
            "label": "Ghana Debt Service / Revenue",
            "value": "65%",
            "tone": "crimson",
            "tip": "Post-restructuring budget burden remains high."
          },
          {
            "label": "Brazil Debt Service / Revenue",
            "value": "42%",
            "tone": "",
            "tip": "High-rate fiscal channel stays active."
          },
          {
            "label": "China Debt Service / Revenue",
            "value": "35%",
            "tone": "",
            "tip": "Private-credit stress still feeds the financing story."
          },
          {
            "label": "India Debt Service / Revenue",
            "value": "30%",
            "tone": "",
            "tip": "Growth needs to keep outrunning the carry cost."
          }
        ]
      }
    ]
  },
  {
    "slug": "interest-to-revenue",
    "title": "Interest to Revenue",
    "summary": "Interest to revenue is the fastest way to see whether a sovereign is financing its future or financing its past. The uploaded watchlist now gives that ratio a clear hierarchy.",
    "why": "Interest tells you when fiscal room is closing now, not in theory.",
    "signals": [
      "Net interest payments",
      "Revenue ratio",
      "Health and education tradeoff"
    ],
    "sources": [
      "Global Debt Analysis 2025 workbook",
      "UNCTAD",
      "World Bank IDS"
    ],
    "dataPanels": [
      {
        "id": "metric-interest-revenue",
        "span": "span-12",
        "mark": "I.",
        "title": "Interest to Revenue Watch",
        "cite": "Uploaded 2025 watchlist + UNCTAD pressure frame",
        "rows": [
          {
            "label": "Developing-Country Net Interest Pace",
            "reel": {
              "anchorValue": "847000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "26858",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "UNCTAD net-interest burden on a rolling comparison rail."
          },
          {
            "label": "Nigeria Interest / Revenue",
            "value": "90%",
            "tone": "crimson",
            "tip": "Most extreme interest burden in the uploaded sample."
          },
          {
            "label": "Ghana Interest / Revenue",
            "value": "45%",
            "tone": "crimson",
            "tip": "Post-restructuring interest burden remains elevated."
          },
          {
            "label": "India Interest / Revenue",
            "value": "26%",
            "tone": "",
            "tip": "A growth-sensitive middle case."
          },
          {
            "label": "Brazil Interest / Revenue",
            "value": "24.5%",
            "tone": "",
            "tip": "High real rates still pressure the fiscal channel."
          },
          {
            "label": "Japan Interest / Revenue",
            "value": "8.5%",
            "tone": "emerald",
            "tip": "Lower interest burden thanks to domestic structure and carry conditions."
          }
        ]
      }
    ]
  },
  {
    "slug": "creditor-composition",
    "title": "Creditor Composition",
    "summary": "Creditor mix still changes how a debt problem unfolds, but the uploaded 2025 watchlist makes one thing especially clear: domestic depth can soften rollover risk even when debt stocks are enormous.",
    "why": "The same debt ratio behaves differently depending on who holds the paper and how refinancing works.",
    "signals": [
      "Domestic investor base",
      "External-service pressure",
      "Private-credit spillover"
    ],
    "sources": [
      "Global Debt Analysis 2024-2025 slide deck",
      "World Bank IDS"
    ],
    "dataPanels": [
      {
        "id": "metric-creditor-composition",
        "span": "span-12",
        "mark": "I.",
        "title": "Creditor-Structure Lens",
        "cite": "Deck narrative + official source framing",
        "rows": [
          {
            "label": "Japan Public Debt Pace",
            "reel": {
              "anchorValue": "10668000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "338280",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "Japan shows what very large debt looks like when domestic markets do the carrying."
          },
          {
            "label": "Japan Domestic Holder Base",
            "value": "90%+ domestic investors",
            "tone": "emerald",
            "tip": "Direct deck note on why Japan’s refinancing risk is different."
          },
          {
            "label": "Nigeria Primary Constraint",
            "value": "Revenue + external-service pressure",
            "tone": "crimson",
            "tip": "Lower stock but tighter cash flow and financing terms."
          },
          {
            "label": "China Financing Complexity",
            "value": "Private leverage + LGFVs",
            "tone": "crimson",
            "tip": "Private-credit structure shapes the sovereign story."
          },
          {
            "label": "Best Reading Habit",
            "value": "Read debt stock with funding structure together",
            "tone": "emerald",
            "tip": "Why this metric matters on the hub."
          }
        ]
      }
    ]
  },
  {
    "slug": "development-spending-tradeoff",
    "title": "Development Spending Tradeoff",
    "summary": "This page keeps the moral dimension visible by showing where interest and debt service crowd out room for development, infrastructure, and social repair.",
    "why": "Debt sustainability is a development problem as much as a spreadsheet problem.",
    "signals": [
      "Interest vs health",
      "Interest vs education",
      "Population affected"
    ],
    "sources": [
      "UNCTAD",
      "World Bank IDR",
      "Global Debt Analysis 2025 workbook"
    ],
    "dataPanels": [
      {
        "id": "metric-development-tradeoff",
        "span": "span-12",
        "mark": "I.",
        "title": "Development Tradeoff Watch",
        "cite": "UNCTAD + uploaded 2025 watchlist",
        "rows": [
          {
            "label": "LMIC Foreign-Debt Payments Pace",
            "reel": {
              "anchorValue": "1400000000000",
              "anchorTime": "2026-04-19T21:30:00Z",
              "perSecond": "44394",
              "prefix": "$",
              "color": "crimson",
              "size": "big"
            },
            "tip": "Global payments total translated into a rolling comparison rail."
          },
          {
            "label": "Countries where interest tops health or education",
            "value": "48",
            "tone": "crimson",
            "tip": "UNCTAD crowd-out count."
          },
          {
            "label": "Population exposed to the tradeoff",
            "value": "3.0B people",
            "tone": "crimson",
            "tip": "Scale of the development problem."
          },
          {
            "label": "Nigeria Revenue Squeeze",
            "value": "90%",
            "tone": "crimson",
            "tip": "Interest burden that leaves almost no space behind it."
          },
          {
            "label": "Ghana Revenue Squeeze",
            "value": "45%",
            "tone": "crimson",
            "tip": "Post-restructuring room is still narrow."
          },
          {
            "label": "Core 2025 variable",
            "value": "Interest cost versus nominal growth",
            "tone": "crimson",
            "tip": "Main strategic conclusion of the uploaded deck."
          }
        ]
      }
    ]
  }
]