The current favorite bogeyman is public debt.

The current debt relief measures have been far from effective.

Debt, however, is a burden imposed by current citizens on future generations.

I don't buy the current joke that KemLey was murdered due2 debt.

Such a debt conversion program would offer five benefits. For starters, unlike the ECB s current quantitative easing, it would involve no debt monetization.

So raising inflation is no cure for the government s current debt or future deficits.

The European debt crisis, however, remains, and markets do not fully trust the current calm.

As during the Great Depression and in many debt restructurings, it makes sense in the current contingency to mandate partial debt forgiveness or a debt for equity swap in the financial sector.

Given this, we should expect Greek debt yields to rise further, despite the current IMF program.

Twin current account and fiscal deficits (and or currency and debt maturity mismatches) were the rule.

With the current account deficit now exceeding 5 of GDP, US foreign debt is rising fast.

If the IMF terminates its current program, Pakistan will be unable to service its foreign debt.

The current government has pursued tight fiscal policies, resulting in balanced budgets and low public debt.

The first is how to navigate out of the current overhang of both private and public debt.

That translates into an additional 16billion per year in interest payments on Greece s current debt of 273 billion.

The most obvious parallel to Europe s current woes is the Latin American debt crisis of the 1980 s.

The effect is greater when modest deficit and debt levels are exceeded and current account deficits are large.

One of the most worrying is the same which fueled the current crisis in the eurozone mushrooming public debt.

Current oil revenues are barely enough to cover state expenses, let alone pay for reconstruction, debt, and war reparations.

Whatever approach is chosen for fuller debt relief, it has to be in addition to current assistance to LDCs.

The budget cost increases every year, as more of the debt rolls over and that does not include agency debt and the large increase in the current account deficit to pay China, Japan, and other foreign holders of US debt.

Small purchases at current panic prices, vulture fund style, are always possible, but they do not promise substantial debt relief.

In the end, they are different methods of forcing current and future generations to shoulder the burden of accumulated debt.

A vicious circle of public finance deficits, current account gaps, worsening external debt dynamics, and stagnating growth can then set in.

So the market does not seem to care that countries have different potentials to generate exports to fund the financial flows needed for debt repayments, or different current and projected debt to GDP ratios.

Public debt includes not only the federal government s current 13.2 trillion, but another 3 trillion owed by America s states, counties, and cities.

But, with the current low rate of household saving, the cycle of rising deficits and debt will soon make national saving negative.

The current projection for 2005 is that debt to Member States will be 79 million higher than at the end of 2004.

As during the Great Depression and in many debt restructurings, it makes sense in the current contingency to mandate partial debt forgiveness or a debt for equity swap in the financial sector. It is a well tested strategy, and it leaves taxpayers out of the picture.

Sustainability of public debt has replaced sustainability of private debt as the biggest threat to financial stability, and the focus of debate about the US current account has shifted from the sustainability of foreign debt to the impact of reducing the external deficit on growth and employment.

Regardless of how they handle their current difficulties, Europe and America will emerge with high debt, low growth rates, and contentious domestic politics.

Urges the developed countries to write off the external debt of Mozambique in the light of its current effort to eradication of poverty.

In the current situation, the US cannot reduce the real value of its government debt significantly by indulging in a bout of inflation, because the average maturity on existing debt is very short only about four years.

Such debt finance is both equitable and efficient. But little in the current stimulus programs is justifiable on either of the grounds mentioned above.

But, whatever form the default takes, the current owners of Greek debt will get less than the full amount that they are now owed.

Until credibility is re established, the risk of a speculative attack on public debt reflected in the current rise in credit default swap spreads would linger, given the ongoing budget deficit and the need to roll over maturing debt.

America s current budget negotiations should focus on achieving a credible long term decline in the national debt, while protecting economic expansion in the near term.

This raises the question of whether Japan s current problems sluggish growth, high public debt, and rapid population aging presage a similar trend across East Asia.

Proposals to limit moral hazard, meanwhile, would do so by limiting Eurobonds to 60 of GDP the eurozone s current ceiling for member states public debt.

Jobs could be eliminated by technology, but not by global competition and, unsustainable, debt fueled domestic demand growth helped to delay the current employment deficits.

This also implies that if Greece could escape from its current recession, its national debt would decline, both absolutely and as a share of GDP.

The current policies and those proposed in the government s recent budget would cause the national debt to rise rapidly, but those policies are not inevitable.

Instead, they focused exclusively on US foreign debt, ignoring household debt (mortgage and consumer debt), public debt, business debt, and financial debt.

The resulting increase in the national debt is the price that we and future generations will pay for the mistakes that created the current economic situation.

One would need a sophisticated capability for monitoring and enforcing fiscal policy and sovereign debt or else end up with a repeat of the current situation.