Unfortunately countries are not borrowing from each other, but borrowing from banks, insurance companies and fonds, that are privately owned, so you cannot simply remove the debt mutually, but a big fraction is nowadays hold by the ECB, where your argument is true. But not all countries are equally in debt, so it would be unfair to just erase the debt for some countries.
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Well, not erase completely, but cut it down proportionally. I know they can't and won't do that, since its the debt that makes the money flowing, prices going up and making the rich people even richer, while poor people get even poorer.