Above: Government Debt as % of GDP
Original Source : CIA factbook
Few people knew that Singapore government is more broke than many of the PIIGS. Fortunately (to PAP), the counter party of our public debt is our own citizen -- aka CPF obligation. This is not unlike Japan. Hence, PAP can play this game forever, because default is not a problem.
The PIIGS are unfortunately that their counterparty is Goldman Sachs. Hence, they must pay. Below is what CIA factbook describe about Singapore public debt counterparty.