A contentious redefinition of public debt

Blanchard is a pioneer in the economics of public debt.

So the only realistic and sensible solution is an orderly and market oriented but coercive restructuring of the entire Greek public debt.

Some of Greece s national debt is owed to Greeks, by the way.

Future generations are being saddled with an explosion of public debt.

А screenshot of the removed web app displaying the state of Macedonia's public debt.

Remarkably, Japanese savers soak up some 95 of their government s debt.

This, too, complicates the public debt dynamics and impedes the restoration of public debt sustainability.

Once Japan s sovereign debt market becomes unstable, refinancing difficulties will hit domestic financial institutions, which hold a massive volume of public debt on their balance sheets.

In Europe, risks spreads are rising on Italian and Spanish sovereign debt.

This time, the unemployment rate and household and government debt are much higher.

Its rapidly rising public debt is set to top 100 of GDP this year.

Greece s ratio of public debt service to GDP is similar to that of Portugal, or even Italy.

Chief among these changes has been the adoption, in most countries, of flexible exchange rates and reduction of external debt, particularly government debt.

Advanced countries need credible medium term plans to stabilize and reduce public debt.

In the US side, the integrity of sovereign debt was kept in question for too long. During those months of political dithering, US treasuries became a riskier asset.

Nor could we find any convergence regarding government deficits and debt.

In the US side, the integrity of sovereign debt was kept in question for too long.

The expenditure cuts mandated by the outcome of the debt ceiling debate will reduce economic activity, thereby undermining growth and making debt reduction even more difficult.

Over time, the eurozone countries would inevitably have to refinance most of Greece s public debt.

And the government debt to GDP ratio is around 190 , compared to 120 in Greece.

More broadly, the ECB s marginal lending facility is an indirect means of monetizing sovereign debt.

And it will make it even harder to find a medium term solution to America s worsening public debt and deficit dynamics.

But, according to the US Treasury Department, overseas investors sold a record 54.5 billion in long term US debt in April of this year, with China slashing its holdings by 5.4 billion. This dumping of US government debt by foreign investors heralds the end of an era of cheap financing for the US.

One such rule is the Maastricht Treaty s cap on member states public debt at 60 of GDP.

Poland has recorded the fourth lowest increase in public debt (as a percentage of GDP) in the European Union.

This dumping of US government debt by foreign investors heralds the end of an era of cheap financing for the US.

Europe driven by its largest economy, Germany fears national debt and inflation.

Institutional measures such as fiscal frameworks and public debt thresholds can do much to help.

Indeed, sovereigns are dumping a larger fraction of their public debt onto banks balance sheet, especially in the eurozone.

As for its public debt, it's now 123 higher than its GDP.

The issue of public debt in Macedonia, one of Europe's poorest countries, is a touchy one.

Many of these highly indebted governments have large stocks of gold, which they may decide to dump to reduce their debts.

In order to compensate for the increase in money supply associated with the purchase of dollars, the government issues securities that pay a higher interest rate than the central bank receives for investing its reserves overseas. While the result in terms of net public debt is neutral, reducing net foreign debt in the public sector which already is less than Brazil s international reserves and increasing domestic debt is not good business in terms of the cost of the official debt.

While the result in terms of net public debt is neutral, reducing net foreign debt in the public sector which already is less than Brazil s international reserves and increasing domestic debt is not good business in terms of the cost of the official 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.

Debt crises tend to come out of the blue, hitting countries whose debt trajectories simply have no room for error or unplanned adversity.

The tax plan highlighted that Italy, like Japan, is a country of public debt and private wealth.

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

The ratio of total public debt to GDP was less than 22 in 2007 2008, before the global financial crisis.

Indeed, the main international concern has been US policymakers reluctance to raise the government s debt ceiling!

Since 1992, it has maintained a more or less balanced budget, with hardly any public debt.

For example we no longer hear about cutting Italy's public debt in half (in relation to GDP).

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

For starters, when it comes to public debt, there is a big difference between the gross and net figures.