Definitions of long-term debt
borrowed money that will be paid back a long time in the future (eg later than 12 months)
The Treasury will issue more long-term debt in order to lock-in low interest rates for the future.
money that was borrowed a long time ago (eg over 12 months ago) and which has still not been paid back
87,000 residents of Estonia have a long-term debt, and have been in default for over a year.