DoubleDip

High fiscal deficit to GDP ratio means that Govt. is on a spending spree funded by borrowing and there may not be enough monies to borrow for private corporations (crowding out). Real interest rates may rise effecting competitiveness and growth of economy. Also what matters is where Govt. is spending the borrowed money? To build infrastructure or to pay salaries to its bloated work force? Fiscal deficit may not be bad after all if it contributes to infrastructure development and competitiveness; private partnership may as well turn out another alternative.
Current account deficit / net imports may improve efficiency in long run if you are importing capital goods, technology etc.
Additional concern for foreign debt is adverse currency movements.