Buenos Aires maintains low debt levels and its service requires less than 3 of the budget.

Prices went to amazingly low levels.

Together with debt relief, these policies have resulted in low levels of public debt, relatively sound financial systems, and most important  rising living standards.

In both cases, debt levels eventually became unsustainable.

Latin America s low personal debt levels have created an opportunity to build a constructive culture of borrowing while expanding economic opportunity.

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Fiscal deficits must be cut to reduce debt levels.

Deeply concerned by the low levels of official development assistance,

The size of Italy's national debt has grown to record levels

Still, the levels of drug related violence in Mexico remained relatively low.

Although the government s stimulus policies have increased the national debt, the debt GDP ratio remains relatively low, at roughly 37 .

Popular equity investments, such as shares in Safaricom, are already trading at unexpectedly low levels.

The government has, among other things, raised gas tariffs by 450 (from absurdly low levels).

Compared to the advanced countries, the developing world now has both low per capita incomes and low per capita levels of carbon emissions.

Compared to the advanced countries, the developing world now has both low per capita incomes and low per capita levels of carbon emissions.

Five years on, public, private, and external debt are at record levels in many countries.

But the debate about austerity and the cost of high public debt levels misses a key point Public debt owed to foreigners is different from debt owed to residents.

Spain and Ireland had fiscal surpluses and low debt GDP ratios before the crisis.

In short, with low enough interest rates, any debt to GDP ratio is manageable.

But Ireland and Spain had budget surpluses and low debt before the crisis, which quickly turned into large deficits and high debt.

Strikingly, seven of them are clear overachievers, because they also have low per capita GDP levels.

Banking supervisors did not deal with many institutions low levels of capital and poor asset quality.

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In Europe, the market for Greek debt has frozen, and interest rate spreads between Irish and German euro denominated debt recently reached alarming levels.

First, different countries have different capacities to sustain public debt, depending on their initial deficit levels, existing debt burden, payment history, and policy credibility.

And yet, despite what pundits claim about strong balance sheets, firms debt levels, relative to assets and net worth, also remain near record high levels.

Moreover, private and public sector debt levels tend to be much lower in the emerging economies.

Even if interest rates are currently low, he noted, they will rise, thereby increasing the debt service burden on the newly accumulated debt.

The gains from MDRI debt relief will amount to precious little if low income countries emerge from their debt burdens only to start the cycle anew by amassing fresh debt.

For now, low world interest rates are restraining debt service costs, but debt levels can be reduced only very gradually over long periods, whereas real (inflation adjusted) interest rates can rise far more quickly, even for rich countries. Debt crises tend to come out of the blue, hitting countries whose debt trajectories simply have no room for error or unplanned adversity.

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However, low income and least developed countries need assistance in raising the floor to more acceptable levels.

In part this is accomplished by explicitly reducing entitlements and raising retirement age from absurdly low levels.

In part this is accomplished by explicitly reducing entitlements and raising retirement age from absurdly low levels.

Nominal interest rates for periphery countries sovereign debt have remained extremely low, and, even when taking into account expectations of very low inflation (or even deflation), real interest rates are low.

America, too, will manage to muddle through again leaving even higher levels of debt for the future.

Moreover, the IMF s share in crisis countries total external debt has reached unprecedented and systemically problematic levels.

Higher incomes would boost US savings, reducing households dependence on debt, even as they maintained consumption levels.

At that point, interest rates on sovereign debt would have to rise to sustain governments borrowing levels.

The system wide impact of national shocks is less severe when cross border debt is low.

The rate has come down to low levels only during the period of recovery from the immediate crisis.

But such risks are far less important for countries with sound economic management and low levels of indebtedness.

But Portugal s debt levels are still highly problematic by historical benchmarks (based on my research with Carmen Reinhart).

First, household debt levels are enormous, capturing a quarter of income, with mortgage payments taking the lion s share.

With governments around the world (including Germany s) accumulating unprecedented levels of peacetime debt, markets are worrying about sustainability.