For starters, when it comes to public debt, there is a big difference between the gross and net figures. While Japan s gross public debt, for example, is a massive 246 of GDP, the net figure, accounting for intra government debts, is 127 of GDP.

There have been reductions in the ratios of debt to gross national income and debt service to export earnings since 2000, due to strenuous efforts at repayment by developing countries and some debt relief.

Debt levels remain crippling, amounting to more than 100 per cent of the gross domestic product of the Solomon Islands.

The aim of Italian Eurosceptic government was that the budget deficit was equivalent to 2.4 of gross domestic product (GDP) in the next three years, suggesting that there was no debt reduction despite deficit reduction requirements.

Foreign transfers for debt payment were, however, already taken into account in calculating gross national product and net national income, so that if the gross national product were taken as the measure of income for calculating the scale, debt burden adjustment was already taken into account to some extent.

However, because of improved economic performance in the debtor countries, the overall ratio of debt to exports and the ratio of external debt to gross domestic product had declined to their lowest levels since the onset of the debt crisis.

Canada has been restructuring government spending to reduce its debt.

Because of the close linkages between external debt and the government budget, debt relief would also free resources needed for government investment in physical and social infrastructure.

In addition, given that local government debt comprises 27 of China s 2010 GDP, while central government debt and policy loans stand at 20 and 6 of GDP, respectively, the total public debt to GDP ratio is approximately 53 lower than Germany s. So, while China should not be complacent about local government debt, panic is unwarranted.

An additional criterion is a ratio of present value of debt to government revenue of 280 per cent (together with additional conditions related to a ratio of government revenue to gross domestic product (GDP) of 20 per cent and a ratio of exports to GDP of 40 per cent).

In Lebanon, persisting high levels of public debt forced the Government to direct much of its expenditure towards debt service.

In December 2001, the Government declared default on its external debt.

The Government is continuing to guarantee the payment of debt obligations.

The demand for debt repayment confronts the philosophy of debt forgiveness. In the lender s view, the 17 interest rate that Greece s government now has to pay for its 10 year bonds accurately reflects the lender s risk in buying Greek government debt.

The combination of all these factors contributed to an acceleration of government debt accumulation and made debt service difficult or impossible.

Attempting to cure an overhang of private debt by issuing mountains of safe government debt is too dangerous. After all, when the private debt was issued, it, too, was considered safe.

7. In mid 1998 the territorial Government was approximately 600 million in debt.

But, by lowering long term interest rates, central bank purchases of government debt can help contain government debt service. In this way, QE can keep solvent a government that otherwise would be insolvent a nightmare scenario for a central bank.

In addition to estimating financing gaps and identifying the sources of financing (including different scenarios of debt rescheduling), DSA includes an analysis of debt dynamics to determine the stability of debt to GDP or debt to government revenue ratios.

It had some reservations about including the debt burden adjustment in the scale methodology, since that adjustment was already partly covered in the gross national product.

Interest payments on the debt eventually become so burdensome that bondholders demand higher interest payments (Greek debt recently yielded over 30 ). Interest rates on US government debt remain low, so this threat is prospective, but future deficits will be far higher than government projections when rates normalize.

The growth of gross national income (GNI) in developing countries outpaced the growth in debt in 2004, improving the total debt to income ratio for all developing countries to an estimated 35.2 per cent, down from 38.6 per cent in 2003.

His Government, which was extremely interested in the question of external debt, would participate in the financing of the Heavily Indebted Poor Countries Debt Initiative.

Bulgaria has been able to reduce its foreign debt from over 100 per cent of gross domestic product to about 38 per cent in March this year.

The main pillar of our programme is the fiscal adjustment needed to limit external vulnerability and the increase of Croatia's external debt to gross domestic product ratio.

No Government revenues be traded or adjusted against dues or debt outside the budgetary process.

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This debt reduction, coupled with Canada's strong economic growth, has resulted in a significant decline in the federal debt to GDP (Gross Domestic Product) ratio, from its peak of 68.4 percent in 1995 1996 to an expected 38.8 percent in 2004 2005.

His Government reiterated its call for a development orientated approach that went beyond the Naples terms and included, inter alia, debt cancellation and debt for development swaps.

This reality, added to the foreign debt and debt servicing, represents serious difficulties affecting the degree of fulfilment of the Government apos s obligations under the Convention.

Similarly, in guaranteeing the debt of Irish banks in September 2008, the Irish government did something that no responsible government should have contemplated. It took responsibility for obligations that amounted to a multiple of Ireland s national income, driving up government debt to more than 1,300 of GDP.

4. Debt indicators improved for developing countries overall during the year, with marginal declines in the ratios of debt service to exports and debt stock to gross national product (GNP) and a larger fall in the ratio of the stock of debt outstanding to total exports (see table 1), largely reflecting the rapid growth of developing country exports, which rose by six per cent during the year.

The statement details the gross violations of the human rights of Eritrean civilians resident in Ethiopia by the Ethiopian Government.

The Government, in collaboration with IMF, began efforts to devise a solution to the debt crisis.

Of the apportionment of 9,170,600 gross, expenditures amounted to 6,966,500 gross, resulting in an unencumbered balance of 2,204,100 gross.

It narrows government budget deficits by increasing tax revenues and limiting welfare spending. By raising the denominator of the debt GDP ratio, it enhances confidence in debt sustainability.

IMF requested that the Government desist from repaying any debt until the entire quantum of debt is determined and rescheduled and the repayments are prioritized. (See table 7.

The next step readily follows in order to repay, or at least reduce, the national debt, the government must eliminate its budget deficit, because the excess of spending over revenue continually adds to the national debt. Indeed, if the government fails to act, the national debt will become, in today s jargon, unsustainable.

The inflation pessimists worry that the government will actually choose a policy of faster price growth to reduce the real value of the government debt. But such a strategy can work only in countries where the duration of the government s debt is long and the interest rate on that debt is fixed.

In fact, Greece's official creditors have granted it long enough grace periods and low enough interest rates that the burden is bearable. Greece actually spends less on debt service than Italy or Ireland, both of which have much lower (gross) debt to GDP ratios.

The European Union s approach to bank regulation encouraged financial institutions to load up on government debt supposedly a risk free asset. Now, given the profound sovereign debt crisis in the eurozone periphery, government defaults threaten to take down the big banks.

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Gil Gross

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