$GREECE - Greece's debt trajectory is improving as the population, having experienced crisis, has learned fiscal discipline and doesn't want to repeat past disasters
$SPAIN - Spain's debt trajectory is declining as the country has learned from its crisis experience and the population is committed to avoiding fiscal disaster
$ITALY - Italy's debt is on a downward trajectory as the country has internalized lessons from past crisis and is maintaining fiscal discipline
Bearish:
$ARGENTINA - Argentina has failed to reform and continues to massively overspend, unlike other Latin American countries that successfully restructured in the 1990s
$FRANCE - France's debt trajectory is rising as the country hasn't experienced recent fiscal crisis to instill discipline in spending
$GBP - UK debt is on an upward trajectory as the country lacks recent crisis experience to enforce fiscal discipline