McKinsey and countrywide debt

Here, but they charge dollars. But Time copied from the master:

Overall, the U.S. and its citizens owe a little over $41 trillion. That, of course, is a lot of money. But when compared to the U.S. GDP, it's not a shockingly bad number. In fact, it's pretty good, when compared to other nations. The U.S.'s debt is equal to 275% of our GDP. That percentage for the United Kingdom is over 450%. Japan's overall debt-to-GDP is about the same as the U.K. Spain comes in at nearly 350%, and France's debt is above 300%. Our debt level is about the same as Germany, which everyone think is pulling off economic miracles these days. But more importantly than that, the U.S. appears to be the only developed country where the overall debt level is falling.

One has to use matching aggregates. The best comparison is USA vs Europe, GDP weighted. In that case, this statement predominates:

Our debt level is about the same as Germany

But to be fair, read the report and look for a GDP weighted comparison of Europe an USA, and just assume that Time slanted the story.

A more likely story is that the major sub-economies in each of the continental economies are de-leveraging. Places like Germany, North countries, Texas, California; deleveraging.