Property Mortgaged by a country

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In fact people of a country determine everything. Without them existing, a country would be useless no matter how smart the leader is. On the other hands, there are people and leaders of a country but it has no fund, or adequate fund to run the country. The latter happens to almost all countries in the world. What has to be done by them is request for fund and the request is agreed by lenders. A contract between two parties -- a country and a lender is executed based on mutually signed contract, right? To be able to borrow the fund, a country will have to mortgage any property, which is usually required by lending institutions. The more property a country mortgages, the more fund will be released. That's the good side, and the bad side is that mortgaged property will be confiscated if the country fails its obligation. If this happened, you know what would become of this country?