b Total public debt denominated in pesos and foreign currency.

Moreover, the debt is denominated in rupees and has an average maturity of more than nine years.

In Europe, the market for Greek debt has frozen, and interest rate spreads between Irish and German euro denominated debt recently reached alarming levels.

The interest rates on the euro denominated sovereign debt of the twelve euro zone governments are all very similar.

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

In November 2001, the authorities again restructured the public debt, this time exchanging dollar denominated bonds for domestic guaranteed loans.

65. Moreover, while debt burden indicators, which reflected the debt servicing capacity of countries, had improved at the aggregate level, in his country, debt stock, most of which was denominated in marks, was so great that debt servicing would be a burden for the next several years.

In 1994, Mexico shook the global economy when the extent of its domestic (but dollar denominated) debt in the so called tessobonos became apparent.

For example, WIPO's budget is denominated in Swiss francs and UNIDO's regular budget is denominated in euros.

These problems can become particularly acute in an economy without an effective lender of last resort and or one that issues only domestically denominated debt.

Worse, the debt that states raise abroad is usually denominated in a currency whose value they cannot control. So a gradual, invisible reduction in the debt burden by debasing the currency is rarely an option.

European governments debt may all be denominated in euro, but German and Italian debt are hardly the same thing, so the government euro bond market lacks the depth and liquidity of the US Treasury Bill market.

Second, China s foreign assets are denominated almost exclusively in US dollars, while its foreign liabilities are denominated mostly in renminbi.

Because all of the accumulated debt is denominated in euros, it makes all the difference which country leaves the euro. If Germany left, the euro would depreciate.

Exporters of any particular commodity should issue debt that is denominated in terms of the price of that commodity, rather than in dollars or any other currency.

Currency mismatches caused by the build up of enormous amounts of foreign currency denominated debt were also identified as a major source of instability in developing countries.

Other factors, however, helped to prevent further growth of the debt, such as the recent recovery of the dollar against other currencies, which reduced the dollar value of debt denominated in those currencies, and the various debt reduction mechanisms used in many countries of the region.

By contrast, if Italy left the eurozone, its euro denominated debt burden would become unsustainable and would have to be restructured, plunging the global financial system into chaos.

Back in the 1970 s, there was some limited issuance of SDR denominated liabilities by commercial banks and SDR denominated bonds by corporations.

Since all of the accumulated debt is denominated in euros, it makes all the difference who remains in charge of the monetary union.If Germany left, the euro would depreciate.

The two main contractionary factors were the dollar apos s recent rise in international exchange markets, which reduced the dollar value of debt denominated in other currencies, and the various debt reduction schemes implemented in many countries of the region.

The principal risk I see today is that being borne by investors in dollar denominated debt and I don t believe they are charging a fair price for what they are doing.

Acquisition security rights include those that are denominated as security rights, as well as those that are denominated as retention of title, arrangements and financial leases.

But 100 times a 1 gold piece denominated bank note, right?

Many developing countries have made progress since the 1990 s in shifting from dollar denominated debt toward foreign direct investment and other types of capital inflows, or in paying down their liabilities altogether.

In January 2005, the Argentine Government presented bond holders with a new debt restructuring deal, involving 152 bonds denominated in six different currencies amounting to roughly 82 billion and subject to eight legal jurisdictions.

Expenditure on consultants and experts is denominated in both euros and dollars.

At year end 1992, ECU denominated investments amounted to 32.9 per cent.

They would also incur losses on their claims and investments denominated in euros.

Another possibility is the development of foreign investment funds investing in a diversified portfolio of domestic currency denominated debt of developing countries, which provide, through diversification, risk adjusted rates of return that are attractive to foreign investors.

About 800 billion of China s foreign exchange reserves are invested in euro denominated assets.

What will not work, at least for most eurozone countries, is internal devaluation that is, forcing down wages and prices as this would increase the debt burden for households, firms, and governments (which overwhelmingly hold euro denominated debts).

UNCCD core budget expenditures denominated in euros include General Service staff salaries, most general administrative expenses, supplies and equipment, joint facilities management costs and travel agents bills (though daily subsistence allowance is denominated in dollars).

Thus, while a significant proportion of expenditure is denominated in euros, some dollar expenditures remain.

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

Because SDRs are denominated in several national currencies, no single currency would enjoy an unfair advantage.

As a result, holders of dollar denominated assets should be looking forward to two alternative scenarios.

In neither scenario does it make sense to hold huge amounts of dollar denominated assets today.

Of course, an earlier attempt was made to create a commercial market in SDR denominated claims.

Bank deposits, along with most other private and public debts, were denominated in that national currency.

And that raises serious questions about the wisdom of China s massive investments in dollar denominated assets.

Debt sustainability and debt relief

Second, the costs of the insurance premium the outsize, largely dollar denominated reservoir of China s foreign exchange reserves have been magnified by political risk. With US government debt repayment now in play, the very concept of dollar based riskless assets is in doubt.

More specifically, it was suggested that this would enhance opportunities for the creation of low correlation local currency denominated portfolios of government debt securities that would give investors risk adjusted returns that compared favourably with security indexes in the major capital markets.

The actual budget increase cannot be determined simply by noting a change in the dollar denominated amount.