The current dynamic security environment is shaped by various hybrid threats and risks of a military and non-military character. Emerging challenges in the public sector deficit covered via sovereign debt financing are increasingly open for hybrid influence. Diverse deficit budget financing resources, variable geo-economics poles and military oppositions convert the debt leverage to an effective manoeuvre for geostrategic actions against financial systems’ stability. This article accepts and elaborates on the thesis that sovereign debt underwriting could be seen as a hybrid threat to the state’s security.