The debt wouldnt be deleted, it would be put on the back of those who created it, so those are politicians who voted "yes" for debt budget in parliament, bankers, media who supported them and all their lackeys, thats a lot of ppl.
These criminals would work in labour camps just for food and shelter and all the profit from their work would be put into national bank to repay the debts (without interest added, just the principal) which they have created.
Imprisoning a criminal scum is not tyrannical to me.you'd also in a 'free' country have to let the bankers go because you can't just change a law and say 'hah your doing it right now off to jail you go'. that would be tyrannical.