Countries with the most debts

Someone sent me this link and asked for my views:
http://www.businessinsider.com/debt-gdp-world-rankings-2011-04#9-singapore-7

It list the 15 countries with the most debt as a percentage of GDP. Singapore is listed as #7. The worst is #1 - Japan. Debt is only one side of the picture. The other side is the assets. The Singapore Government has assets that cover the debts a few times over.

For example, a large part of the debt of $300 billion (100% of GDP) represents the Government bonds issued to the CPF for the savings of Singaporeans. But these bonds are used to build HDB flats that are sold to the owners at many times of the cost price. The assets of the government includes the amounts owing by the HDB flat owners.We also have to add the assets held by Temasek, GIC and other government agencies.

Tan Kin Lian