public debt

The bank, jealous of its independence from government, will be loth to go further and buy public debt, as the Fed plans to.

He said he would do this by tackling two of Japan's most daunting problems, its anemic growth rates and ballooning public debt.

The only safe way to avoid a build-up in public debt is not to have the bubble in the first place.

The US faces serious problems: public debt, weak secondary education, and political gridlock, to name just a few.

Fillon warned that European governments will not be able to cover social costs or reduce public debt without a change of course.

Geithner said the U. S. public debt in March this year, Congress is likely to set the upper limit of 14. 3 trillion dollars.

How much public debt is too much?

Therefore there will soon need to be a public debt restructuring, regardless of the details of any temporary bail-out package.

How much government debt is too much is an open question because tolerance for public debt is highly dependent on prevailing perception.

On the eve of the crisis Ireland seemed to be in good shape, fiscally speaking, with a balanced budget and a low level of public debt.

Giving consideration to private or public debt sustainability, at the cost of price stability, would be a violation of the ECB's mandate.

Given Japan's already high public debt, it would also be hard to sustain; public services might still end up in tatters.

He said the crisis would result in a doubling of US public debt to about 80 per cent of gross domestic product.

Greek bond yields hit a ten-year high when the government denied reports that it had asked China to help it in funding public debt.

Economic recession and years of deficit financing policy of the United States total public debt has accumulated.

It would bring down eurozone public debt, excluding that of Germany and France, to below half of gross domestic product.

The 14th Amendment to the U. S. Constitution states that the public debt of the United States "shall not be questioned. "

And Greece is not the only country in trouble. High levels of public debt in Ireland, Portugal and Spain are also worrying debt markets.

indeed, a self-fulfilling run on Italy and Spain's public debt at this point is almost certain, if this liquidity support is not provided.

But it is unsustainably high for a country with such so much public debt relative to its GDP.

of fund holders, or owners of the public debt of a country, is similar. They are mortgages on the general wealth of the country.

Even at the best of times, all these schemes would probably have led to higher inflation and a growth in public debt.

Its public finances are in good shape, with its public debt at less than 20% of GDP and its fiscal balance improving rapidly.

And the economic recession and years of deficit fiscal policy makes the United States total public debt has accumulated.

Moreover, public debt in Estonia at 7. 2 percent of gross domestic product is tiny compared with that of most other countries in the bloc.

Despite the troubles on its periphery, the public debt of the euro zone as a whole is not notably high by rich-country standards.

The properly funded public debt indeed turned out to be a national blessing, as Hamilton predicted.

But it would still leave China's public debt below that of Brazil, let alone India.

The U. S. public debt and deficit, relative to the size of its economy, are the same as Portugal's.

Continuing joblessness, years of weak investment and higher public-debt burdens, in turn, will dent economies' underlying potential.

What started out as a failure of liberal market capitalism has turned into a crisis of public debt and government deficits.

With investors so skittish during the crisis, Italy could ill afford to add much to its huge public debt.

Spain has deep problems, but even with a big bank bail-out it should be able to keep its public debt at a sustainable level (see article).

Investors are watching closely to see if the new government's spending programs will inflate an already massive public debt.

Public debt incurred to prop up the system has grown faster than in any other EU-15 country, and now amounts to 66% of GDP.

Both nations face years of feeble growth, held back by high public debt, low productivity and an aging population.

And, of course, the U. S. has its own large and growing public debt burden.

In such a crisis, it might well be feared, a less-than-independent Federal Reserve would be compelled to buy public debt.

The next government must deal with a woeful inheritance of vaulting public debt.

The rise envisaged in public debt compares to that of a big war.

The desire for an agreed set of procedures for a public-debt default is not new.

Far from being a cause of Japan's descent into stagnation, the build-up of public debt since then was the inevitable result.

If public debt spirals upwards as the economy stagnates, investors will worry that future taxpayers will be unable to shoulder the burden.

because it had failed to come up with a credible plan to cap its public debt.

One, the imposition of a rigid constitutional ceiling on public debt, is likely to haunt future administrations for years to come.

As Mr Buiter himself notes, public debt doesn't look all that bad relative to levels seen in the wake of major wars last century.

So you get into a bad equilibrium driven by the public debt problem.

Italy has long had a big public debt, but a reasonably stable one; its budget deficit is among the euro zone's smallest.

He says the dollar is "not a good store of value" given the high public debt and uncertain economic outlook in the U. S.

Since the cost of rescuing the banks amounted to almost one-third of GDP, the public debt shot up from around 38% to 74% of national income.

meanwhile, the cost of bank bailouts led to a sudden increase in public debt.

Worst of all, with public debt through the roof, the administration has failed to give the smallest sign of its exit strategy.

There he was in charge of privatisation and managing the public debt, which had exploded in the late 1980s and early 1990s.

A more pressing concern is the impact that ballooning bank bail-outs are likely to have on Ireland's public debt.

All have been proclaiming that out-of-control public debt had set Japan on the road to fiscal perdition.

Less agreeable are the explosion of public debt and the acceleration of a decades-long trend: financial concentration.

Private debt is an old problem in the United Kingdom, and now it also faced the problem of private and public debt.

Venezuela is now providing subsidised fuel to Londoners, discounted crude oil to Cuba and buying distressed public debt from Argentina.

Not obviously: Spain will have lower ratios of net and gross public debt to gross domestic product until at least 2016.

Overall fiscal status is in a good shape, public debt is only about 20% of annual GDP.

With high initial levels of public debt, the crisis and the Great Recession then brought many governments close to their fiscal limit.

In contrast, public debt levels are less than one third of GDP in emerging markets and are projected to decline to only a quarter by 2015.

Overall, it is in external balance and its combined public debt, as a percentage of gross domestic product, is lower than the US.

The issue has a strong European Union-wide dimension as public debt is largely held by residents of other EU countries.

The only answer is the public debt of the big advanced countries.

By the end of the year, rumours will be rife of an imminent public-debt restructuring in Greece.

The uncertain future of the eurozone and the increase in public debt in Europe are also fuelling political and market tension.

A feeble recovery could make matters worse, as the unemployed lose their skills, public debt builds up and firms put off investment.

America's major problems - high unemployment, the trade deficit, high public debt - all trace back to it.

It is also the lesson to draw from Japan, which combines the world's lowest bond yields with one of its largest public debt stocks.

and manufactures, to improve our rivers and harbors, to provide for the speedy extinguishment of the public debt.

This year's budget, withdrawn as soon as it was proposed, had public debt rising literally off the charts.

But without an assessment of the monetary implications of public debt, we cannot know how far inflation is likely to remain under control.

Lack of growth means that, despite Mr Tremonti, the public debt is still 120% of GDP, the rich world's third-biggest.

The public debt grew gradually but did so apace with the growth of a wealthy and expanding nation.

In Europe, officials said they would fight speculative investors they blame for aggravating the public debt crisis.

If the economy remains dead in the water, the ratio of public debt to the total economy balloons.

Conventional measures of public debt show the legacy of past borrowing. Generational accountants look far into the future as well.

And Greece's public debt is equal to at least 115% of its economy.

How the public debt is to be paid or specie payments resumed is not so important as that a plan should be adopted and acquiessced in.

Across the developed world, public debt is set on an explosive course.

In short, an orderly restructuring of Greece's public debt is achievable and desirable for the debtor and its creditors.

The upfront cost in terms of public debt is high but the ultimate cost to taxpayers need not be.

Prolonged stagnation worsens public debt burdens and undermines creditworthiness as effectively as fiscal incontinence.

Advanced countries entered the crisis with some of the highest public debt ratios ever reached in the absence of a major war.

China is now the biggest holder of American public debt, holding $585bn of Treasury bills, notes and bonds, according to US data.

But inflation is not a cheap solution to high public debt and the debt-deflation problems of the private sector.

Japan's outstanding public debt, at double the size of its $5 trillion economy, is the biggest among advanced economies.

Moreover, because national central banks have lent against discounted public debt, they have been financing their governments.

Without a faster return to growth, the public debt will quickly become unsustainable.

Surplus countries are unwilling to stimulate consumption, while deficit countries are building unsustainable public debt.

They may have to craft an extra budget to cover an expected tax revenue shortfall, adding to worries about sky-high public debt.

The administration rightly calls its own projected numbers for public debt unsustainable.

Belgium, with its big banks and huge public debt, has benefited from being an insider too.

Today, he's happy to run up public debt, promise employment incentives and state support to sectors in difficulty.

Growth would recover and fiscal revenues increase, ultimately leading to a decline in public debt burden.

The average ratio of public debt to GDP in big, rich economies has jumped from below 80% to nearly 100% in two years.

China is already estimated to hold a fifth of the public debt held by non-Spanish investors.

Its main weaknesses are dependence on exports, a real-estate bubble and burgeoning public debt.

Before the bank bust, Ireland had little public debt.

A key condition for contemplating European bonds is thus that public debt first be reduced to a sustainable level.

and, last, that the rapid rise of public debt occasioned by stimulus need not be a concern.

But the American people are in open rebellion against an economic strategy of public debt, higher taxes and unending deficits.

But this standard of living has come at a cost: the IMF says its public debt is too high and may be unsustainable.

The primary deficit is the deficit calculated excluding the payment of interest on the public debt.

Italy, also in the financial markets' crosshairs, has high public debt but a lower deficit than the eurozone's average.

Britain is spending billions on the event at a time when the country is fighting to cut public debt.

Across the developed world, unemployment, public debt and taxes are rising.

Countries with large levels of public debt and volatile debt structures would be most at risk.

He told his supporters hard decisions had to be taken to reduce America's public debt.

The public-debt burden is set to double and, on today's policies, will still be rising in a decade's time.

The improvement in public debt management also has helped protect Brazil from the severity of the global financial crisis.

We would have to shell out more for imported goods, and interest rates on both private and public debt would rise.

He wants to implement tax reform to cover the costs of Japan's rapidly ageing society and rein in its massive public debt.

Officials are troubled by the Federal Reserve's notably loose monetary policy and by America's rapidly rising public debt.

Yields on government bonds in most rich countries are extremely low as shell-shocked investors clamour for the safety of public debt.

All the main Asian emerging economies apart from India have relatively low ratios of public debt to GDP.

and a government that is financing growth through a potentially unsustainable rise in public debt.

Monetising a slug of public debt in this way is bound to be inflationary.

Yet the effect of these policies is essentially to add a new layer of public debt to the existing debt mountain.

Standard & Poor's, a ratings agency, lowered its assessment of American public debt from "stable" to "negative"

For these reasons, Standard &Poor's (S&P), a ratings agency, includes NAMA's costs in its estimate of Ireland's public debt.

FOR years foreign observers gave warning that Japan's combination of economic stagnation and rising public debt was unsustainable.

If American growth stays slow, the public debt burden will become unsustainable and inflation will revive.

Portugal is small, accounting for just 2% of euro-zone output and public debt. Investors who need to hold euros have other places to go.

The second part expounds the Public Debt Management Theory and the principles, objectives and methods of Asset Liability Management Theory.

Above all, SWFs will continue to convert US public debt into global equity, helping to restore stability and finance investment and growth.

Public debt was high in Germany at 73 percent of GDP, but dwarfed by that of Athens, which is heading toward 150 percent.

impact of the political environment's dynamics on the public debt accumulation.

Each has some combination of big budget deficits and high public debt, though none is as financially stretched as Greece.

The national public debt is predicted almost to double in the next decade.

The public debt of the eurozone is slightly lower than that of the US, relative to gross domestic product.

In the U. S. alone, the CBO estimates that the public debt-to-GDP ratio will rise from 40% to 80%, or about $9 trillion.

Instead Britons face a poorer future in which they pick up the tab for ballooning public debt.

The burden of trillions of dollars of additional public debt in the advanced economies will be a medium-term drag on growth.

Back in 2007, Ireland's net public debt was just 12 per cent of gross domestic product.

Now redubbed the "pact for the euro" , it stipulates that all euro-zone countries put into law a pledge to get a grip on public debt.

Rich economies where public debt burdens are soaring urgently need bold and credible plans for medium-term deficit-reduction.

Heavy public-debt burdens and chronic deficits were a feature in Greece and Italy long before the current crisis.

At the end of the Napoleonic wars, the UK had a ratio of public debt to GDP of 270 per cent.

There is a risk that public debt will eventually spiral out of control unless taxes are raised or spending cut.

Italy's public debt may be high, but it has become more careful about deficits.

S&P reckons the additional costs of bank recapitalisation (if properly accounted for) would push up public debt by a further 23% of GDP.

The tolerance for public debt is highly dependent on the participants' perceptions and misconceptions.

When it became the 12th country to join the euro in 2001, its public debt was more than 100% of GDP.

It has lowish public debt but some fear it cannot afford to bail out its crippled savings banks.

Last month she issued a decree transferring $6. 6 billion of the reserves to a fund to service the public debt.

S. parties are matters to improve the public debt ceiling of an intense game.

A jump in public debt is an invisible increase in long-term private obligations.

The ECB is also loth to soil its hands with public debt, though banks flush with central-bank cash are keen buyers of such low-risk assets.

Fujii's appointment soothed concerns that spending to finance new programs would inflate Japan's already huge public debt.

Critics worry the party's fuzziness on funding will inflate public debt and push up government bond yields.

Governments need a credible plan to set aside enough resources in the future to repay the additional public debt their stimulus has added.

The invaluable asset of fiscal sovereignty guarantees that their public debt is completely risk-free in nominal terms.

Weak growth and high unemployment spell particular trouble for countries that already have high levels of public debt.

Public debt has exploded, raising fears of an overload that could weigh on China's economy.

The question has become more urgent following the recent credit downgrade of Greece on concerns over its public debt burden.

Taxpayers, instead of having a smaller burden of public debt to bear, would end up with an even heavier one.

Moreover, neither Spain nor Italy would gain much from a default, since most of their public debt is held by their own citizens.

On sovereigns, advanced countries need credible medium-term plans to stabilize and lower public debt ratios.

A sovereign default in the world's third-largest public debt market would be catastrophic.

And our prudent financial policies and low level of public debt have positioned us well to address the challenges of the current crisis.

All this would also lead to big one-off increases in public debt.

Under EU accounting rules -- which were tightened in 2008 -- Greece wasn't obliged to include the loan in overall public debt on its books.

Through a long-term practice, the local public debt has become a standard mode of financing.

It has yet to have a serious discussion on immigration, and it has proved incapable of bringing down its massive public debt.

Its Public Debt Management Agency has resorted to syndicated-bond sales managed by big international banks.

They point to China's still-robust economic growth, moderate public-debt levels, high savings rate and big trade surplus.

Interest rates for Spanish public debt soared on Friday, underscoring investor concerns.

The figure is updated daily on the website of the Treasury's Bureau of the Public Debt.

Even success would leave it with an intolerable public-debt burden.

It would also spook global credit markets, raising the costs of financing US public debt.

Instead, all our leaders do is slash interest rates, print money and rack up public debt. History will judge them harshly.

We were one of the first countries to introduce in our constitution a public debt anchor, and we are not resting on our laurels.

The result would be illiquidity in both the market for public debt and the banking system.

Congress sets a ceiling that limits the amount of public debt that the Treasury can issue.

But the resources to support the Leviathan are limited, with tax revenues shrinking and public debt ballooning.

It is increasingly clear that Italy's public debt is unsustainable and needs an orderly restructuring to avert a disorderly default.

Democrats and Republicans on the recent U. S. federal budget and increase the ceiling on public debt intense game.

Mr Bofinger wants outstanding euro-zone public debt converted into "Eurobonds" with collective responsibility.

Exacerbated by a draconian fiscal austerity, its public debt is heading towards 200 per cent of gross domestic product.

In 2010 the budget deficit will be at least 32% of GDP and the public debt is almost 100% of GDP.

The costs that matter, however, are those of the recession and the huge jump in public debt.

The result could be both a renewed recession and an explosive path for public debt.

The banks' credit lines need to be rolled over and depend on the standing of public debt.

Italy's economy traditionally relied on a sinking exchange rate and rising public debt.

Today more balance-sheets need repair, the prospects for export-led growth are dimmer, and the increases in public debt will be broader.

Public debt is high, which discourages investment in needed infrastructure.

Ireland's story is amazing: in just five years it will suffer a 93 percentage point jump in the ratio of its net public debt to GDP.

Though Belgium's public debt stands at 99% of national income, Mr Di Rupo promises above-inflation spending rises on health and pensions.

Public debt held by banks would set the money supply.

According to Bloomberg, the weighted average maturity of all American public debt is now around five years.

Influential figures in Italy have suggested a wealth tax could achieve the same reduction in public debt.

Public debt may be rising fast, but the starting-point was lower than in other big advanced economies.

For Greece, by contrast, 90% of all public debt is held by foreigners, who could be expropriated by a default.

The public debt burden in various countries is divided along similar lines.

Collective borrowing would likely increase the cost to Germany of servicing its public debt.

The U. S. gross public debt looming congressional approval of the 14. 3 trillion limit. U.

The public-debt ratio fell, but only because GDP in cash terms grew more quickly than debt.

Public debt will soar because of weak growth, prolonged stimulus spending and the growing costs of cleaning up the financial mess.

Indeed, compared with the recession's impact on public debt, they look quite manageable.

This happy situation will enable us to avoid defaulting on our enormous public debt for the foreseeable future.

Moreover, overall eurozone public debt is only 84 per cent of GDP, while its fiscal deficit is 6 per cent.

Modern, global capital markets have never seen a rise in public debt so fast or so skewed towards the rich world.

Local government debt is the main component of the government public debt under the state grated tax for different levels financial system .

The public debt term structure means the combination of the public debt of the government various different terms.

It may even shore up growth and lighten the public debt burden.

That year American public debt was just over two-fifths of GDP.

Roubini says that a diminution of the dollar's reserve status would mean that 'interest rates on both private and public debt would rise.

That could well turn today's private sector debt crisis into tomorrow's public debt and currency crises.

Gross public debt in that period fell by nearly a third, to a still hefty but manageable 76% of GDP.

But is such an escalation of public debt safe, or even possible?

By this I do not just mean getting public debt back under control.

Americans are deeply troubled by the accumulation of public debt.

Fifth, the socialization of private losses and debt implies a sharp rise in public debt burdens.

The newest and poorest member of the euro zone will have its smallest public-debt ratio: 8% of GDP.

But Estonia, Ireland and Spain had vastly better public debt positions than Germany.

Japan's public debt is twice the size of its economy.

The public debt is a liability for the government but it is an asset for the private sector.

Again, the distinction between private and public debt dissolves.

Public debt stands at 46% of GDP, and is forecast by the Economist Intelligence Unit, our sister company, to rise to 52% by 2011.

Mr Shih's estimate (not counting the untapped credit lines) would add another 34 percentage points to China's ratio of public debt to GDP.

By 2015 the net public debt will rise to an estimated $14 trillion, with a ratio to GDP of 73 percent, the Treasury report said.

A first indicator against which to make that judgment is the ratio of gross public debt to GDP.

Unless the economy gets moving Italy has little hope of reducing its public-debt mountain.

correlation between election cycles and the accumulation of public debt.

Before the crisis, Ireland's ratio of public debt to GDP was 40 percentage points less than Germany's.

Japan's prime minister vowed on Friday to push ahead with tax reforms to curb bulging public debt.

Spending on public services has surged, yet public debt, at an acceptable 43% of GDP, has remained fairly stable.

Direct comparisons to public debt elsewhere, such as the U. S. , are difficult.

Although its size is what makes some investors tremble, its bigger and more liquid public-debt markets also offer protection.

Rising public debt is a near universal precursor of other postwar crises.

Swiss net public debt is just 12% of GDP and the franc is a currency that other countries hold in their reserves.

And it would help reduce the private and public debt burdens that weigh on the rich world's economies.

Conventional measures of public debt show the legacy of past borrowing.

Figure 2 highlights that public debt typically explodes in the years following a systemic financial crisis.

Nor has the often-fractious party forged consensus on long-term steps to address the bulging public debt.

The OECD reckons public debt in Britain and America will be higher than in the euro zone by 2011, as a proportion of GDP.

And as their public-debt burden rises, rich-world governments will find it increasingly difficult to borrow still more to compensate.

But they also note high levels of public debt and low levels of trust in political leaders.

As with public debt and a record federal deficit, the U. S. government is facing pressure from Congress to cut spending.

In Britain, public debt as a proportion of GDP is set to double.

But Mr Tremonti has reassured investors that Italy can finance its huge public debt (almost 120% of GDP).

On average, Rogoff says public debt rises to 86 percent of gross domestic product (GDP) three years after a financial crisis.

This would prolong the country's recession and still leave it with a public debt-to-GDP ratio of 148 per cent by 2016.

Public debt as a share of GDP will rise to around 80 per cent, and in many countries well beyond that.

A prime candidate is the return of the euro zone's public-debt crisis.

Italy's public debt, which is equivalent to 120% of gross domestic product, is among the heaviest in the world.

Moreover, until November 2007, spreads of Irish and Spanish public debt over German levels were next to zero.

If the guarantees were triggered, its public debt could balloon to more than 100% of GDP.