It will stop spreading only when Germany constructs a firm and credible firewall, presumably around Spanish and Italian central government debt. This is exactly the kind of hardheaded solution that one would see in a truly integrated currency area.

At the end of 2011, China s central government debt amounted to 16.5 of GDP, and overall government debt totaled 18 trillion, or 38 of GDP.

They will buy the new government debt and leave all spending decisions unaltered.

Government debt must be restructured. Bank debts have to be converted into equity and, where banks are insolvent, written off.

But, at the time, its key role was as a government debt repayment mechanism.

The central Government has extended its powers beyond Kabul.

We wish to see the full consolidation of authority by the central Government.

Deconcentration is a dministative decentralization, i.e. a transfer to lower level central government authorities, or to other local authorities who are upwardly accountable to the central government (Ribot 2002 in Larson).

Although, it remains under the control of the central government.

India s overall public debt GDP ratio has been on a declining trend, from 73.2 in 2006 07 to 66 in 2012 13 (and the central government s debt GDP ratio is only 46 ).

One is the central government s ability to run deficits and to act decisively.

Some functions are better suited for central government financing.

They, in turn, would secure the votes for the federal government to assume and repay the states defaulted debts.

In 1991, the central government allowed Shanghai to initiate economic reform.

Innovations can occur at all levels of government, i.e., central and local levels.

The central Government could intervene to resolve any difficulties at the municipal level.

The Transitional National Government (TNG) was the internationally recognized central government of Somalia from 2000 to 2004.

The federal assumption of states debts by itself could not guarantee political order.

It might even be sufficient to address Spanish government debt, though this would be a stretch.

Investors have reacted by trying to get out of the euro and, in particular, steer clear of Greek government debt.

I believe that the government s loss of control in the provinces has been stage managed.

Since the mid 1990s the central government of Botswana has been trying to move San out of their lands.

Indeed, local governments appear less afraid of Beijing s bite than before.

This has made the central government very powerful, attracting the best brains into its service.

I think we can see that the central government is letting me go to the U.S. to study.

(c) In October 1992 my services were placed at the disposal of the Central Government (Pakistan).

After tough negotiations, the government and its creditors would probably eventually slash Greece s debt in half.

The most obvious means of recapitalizing China s banks would be to inject renminbi denominated government debt into the banking sector.

The name commissioner was chosen in periods when the central government needed confirming, or of periods where that government changed its functioning.

Then came the financial crisis, with the central government adopting fiscal stimulus and relaxing monetary policy.

At the same time, the Kurdish leader Mustafa Barzani led a rebellion against the central government in Baghdad.

Many Acehnese felt that they were not being given a fair deal by the central Government.

(d) Equitable participation of States in the central Government institutions, in particular the executive and legislative bodies.

Hamilton made the case that the federal government should assume responsibility for their liabilities stemming from the costs of financing the war.

Economic reform during the 1980s and the devolution of much central government decision making, combined with the strong interest of local Communist Party officials in enriching themselves, has made it increasingly difficult for the central government to assert its authority.

The Netherlands is a decentralized unitary state, which means that the central government is supreme and delegates certain tasks to lower levels of government by law.

It will be difficult, but not impossible, to re establish confidence in the central government.

At the same time, it also embodies the depth of the central government s support for Hong Kong.

After the war, the central government regained its ability to collect taxes and control over key port and government facilities.

So, if internal devaluation is to work, the value of debts, where they already represent a heavy burden, must be reduced. Government debt must be restructured.

Eternal Debts

A similar situation exists in the steel industry, where the central government has made repeated unsuccessful attempts to close small furnaces.

That formulation all but pits the central government and regions against one another in a battle for political supremacy.

China s government is now attempting fiscal decentralization to revitalize the public finance position, while adopting financial decentralization to maintain currency stability.

When contemplating the consequences of this, remember that 40 of US government debt comes due within two years.