And household deleveraging in the US will take a long time.

Significant steps have also been taken to reduce the burden of debt on the most heavily indebted poor countries.

We should also commend the G 8 countries on what they have done to provide debt relief to 16 African countries but other countries also suffer from debt, and the G 8 should give similar attention to countries that have the same problems.

Local governments indebtedness soared, and fixed investment surged toward an unprecedented 50 of GDP.

Unfortunately, as a result of the private sector deleveraging and an increase in household savings, the US economy, driven by debt and consumption, slid into recession.

To offset the negative impact of private sector deleveraging on growth, the US government has maintained expansionary fiscal and monetary policies.

But safer, less indebted banks are better able to continue lending without becoming distressed or needing support.

My delegation welcomes the commitment made recently at London by the G 8 to cancel the multilateral debt of the 18 most indebted countries.

For instance, the SADC countries have a total debt stock of 78.1 billion, with an annual total debt service amounting to 6.8 billion.

Lenin may have gotten the underlying analysis wrong, but today we know that his conclusion may have been right for another reason financial capitalism forces a country into unsustainable indebtedness.

By the end of 2012, the combined liabilities of 36 of the most indebted local governments totaled roughly 3.8 trillion ( 620 billion), up nearly 13 from 2010.

And I think there's evidence and it's not the only reason this evidence exists, but I think it's a huge cause we are the most in debt, obese, addicted and medicated adult cohort in U.S. history.

In 2012, Estonia remained the only euro member with a budget surplus, and with a national debt of only 6 , it is one of the least indebted countries in Europe.

Indeed, they have shared only one, albeit crucial (and disappointing) feature the inability to rely on rapid growth as the safest way to deleverage an over indebted economy.

Of course, anyone who wanted to could have seen American households growing indebtedness, which would have gone a long way toward correcting the false impression of success given by the GDP statistic.

Think of the excellent work it has done in the area of competition policy breaking up cartels and stopping state aid, even when it comes in disguised forms, such as government guarantees on company debt.

If public sector deleveraging is not a complete growth policy and it isn t why is there so much attention on fiscal austerity and so little action (as opposed to lip service) on growth and employment?

Actions that reduce the debt burden of other nations, promote the development of infrastructure and new investments, generate jobs and open the markets of developed countries to the agricultural and manufactured products of developing countries are some of the best tools for fighting poverty.

Sudden fiscal contraction would reduce domestic aggregate demand faster than the economy s deleveraging and structural shifts could replace it, thereby killing off growth and hiring, with adverse feedback effects on budget deficits.

Since the publication of that report, the Commission for Africa Report of Prime Minister Blair, as well as the Sachs Millennium Project Report, have come to a similar conclusion, with respect both to the question of Africa's indebtedness and to the additional resource requirements of Africa for achieving the MDGs.

Lenin may have gotten the underlying analysis wrong, but today we know that his conclusion may have been right for another reason financial capitalism forces a country into unsustainable indebtedness.

Such additional resources are increasingly difficult to find, in a situation where the Bretton Woods institutions, while reducing the debt burden of the Niger, require our country not to contract new loans for investment unless 60 per cent of such financing consists of grants.

But safer, less indebted banks are better able to continue lending without becoming distressed or needing support. As a result, they are less likely to destabilize the global financial system or impose harm on most shareholders and the public.

It is not surprising that policy approaches have also varied. Indeed, they have shared only one, albeit crucial (and disappointing) feature the inability to rely on rapid growth as the safest way to deleverage an over indebted economy.

(e) To reduce the unsustainable debt burden of developing countries through such actions as debt relief and, as appropriate, debt cancellation and other innovative mechanisms geared to comprehensively addressing the debt problems of developing countries, in particular the poorest and most heavily indebted ones

(e) To reduce the unsustainable debt burden of developing countries through such actions as debt relief and, as appropriate, debt cancellation and other innovative mechanisms geared to comprehensively addressing the debt problems of developing countries, in particular the poorest and most heavily indebted ones

These include slow but persistent private and public sector deleveraging rising oil prices weak job creation another downturn in the housing market severe fiscal problems at the state and local level and an unsustainable deficit and debt burden at the federal level.

As a result, households want to spend less and pay down their debts. To some extent, this is the natural aftermath of any credit boom.

4. Expresses concern that the Territory, which is already heavily indebted, had to borrow 21 million United States dollars from a commercial bank to carry out its year 2000 computer compliance programme, and calls for the United Nations year 2000 programme to be made available to the Non Self Governing Territories

4. Expresses concern that the Territory, which is already heavily indebted, had to borrow 21 million United States dollars from a commercial bank to carry out its year 2000 computer compliance programme, and calls for the United Nations year 2000 programme to be made available to the Non Self Governing Territories

The longer the policymaking impasse persists, the greater the stall speed risk for an economy that already has an unemployment crisis, a large budget deficit, many underwater mortgages, and policy interest rates floored at zero.