In [another question](https://politics.stackexchange.com/q/760/97) it was asked what it means to a country if it has a high debt. I'd like to know whether there are there examples of a country paying back high (100%+ Debt to GDP ratio) debt?

I remember that Romania under Ceaușescu paid back their debts (of 13 billion dollars). I have no info on GDP that time (late 70's), but Romania was practically devastated by 1989 when he was ousted and killed. The shops were empty, exports were the only working part of the economy, and it was impossible to get anything from abroad.

**Is there any healthy example where a country could pay back their debts? Of course without having very serious problems.** 

Further:

1. If so: does that way work in all cases? Is it better than just going bankrupt?
2. If not: is there any point in paying back a single coin for a country which has serious debt issues?