Africa needs debt cancellation, as no growth can take place with a heavy debt burden.

But Europeans, while having launched national recovery plans, remain unwilling to take on a similar debt risk.

Only the state is reliable enough to take on all debt, which private institutions are too risk intolerant to hold.

Debt relief could take various forms other than Eurobonds, and would be conditional on debtors abiding by the fiscal compact.

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

Her right to buy policy triggered an upward spiral in house prices, which encouraged households to take on more and more debt.

The only practical approach is to take small, sequential steps, starting with debt pooling.

The country simply cannot keep on piling debt upon debt.

The economy grew, but mainly because American families were persuaded to take on more debt, refinancing their mortgages and spending some of the proceeds.

The Paris Club under Trichet provided Poland with a 50 reduction of its debt, on the condition that the country s bank creditors take a similar haircut.

Proposals on debt restructuring frameworks

Group of 77 (on debt)

It cannot wait to inject capital into the banks. It must take immediate steps toward debt mutualization.

Options for lower debt burdens on Governments of heavily indebted developing countries include debt cancellation and debt swaps for sustainable development.

How to Default on Sovereign Debt

Group of 77 (on the draft resolution on debt)

(h) To take steps to ensure that resources provided for debt relief do not detract from official development assistance resources intended to be available for developing countries and that the debt relief arrangements seek to avoid imposing any unfair burden on other developing countries

(h) To take steps to ensure that resources provided for debt relief do not detract from official development assistance resources intended to be available for developing countries and that the debt relief arrangements seek to avoid imposing any unfair burden on other developing countries

Instead, Western prosperity relied increasingly on debt.

The debt we will carry on forever.

Group of 77 (core group on debt)

To address the debt burden problem, many African countries at first resorted to repeated debt rescheduling which focused on debt service flows, resulting in steadily increasing debt stocks and related service payments.

But Ireland, with previously modest deficit and debt levels, also suddenly and unexpectedly faces the same kind of issue, owing to the government s need to take over private debt from the banking sector.

Budget deficits automatically increase government debt, requiring higher future taxes to pay the interest on that debt.

His delegation therefore supported the application of the debt burden adjustment based on the debt stock approach.

And the longer America s politicians take to resolve the debt ceiling issue, the greater the risk of an inadvertent accident.

Now, given the profound sovereign debt crisis in the eurozone periphery, government defaults threaten to take down the big banks.

Debt reduction, either through stock of debt reduction or debt service reduction based on a concessional rescheduling, will continue to be considered only in exceptional cases.

These asset bubbles were inflated by lax lending standards and an excessive willingness to borrow, which seemed similar to the Greek government s willingness to take on debt to pay lavish pensions.

Markets encourage the required debt discipline in a timelier manner by charging higher interest rates on government debt.

Interest rates on government debt are still low.

CAMBRIDGE Greece will default on its national debt.

Draft resolution on external debt crisis and development

They are more focused on paying down massive debt overhangs built up before the crisis than on assuming new debt and boosting aggregate demand.

A new portfolio of regulations would increase banks capital requirements, limit the debt that they could take on, and establish a Consumer Financial Protection Agency to protect naïve borrowers against predatory lending.

Thus, the Paris Club's Evian approach relies on IMF Debt Sustainability Analysis for determining the terms of debt reschedulings.

33 UNCTAD is implementing a project on development strategy and debt sustainability, which also integrates aspects of debt management.

Instead of making the creditors of private banks take haircuts, the Irish government chose to transfer the entire debt burden onto taxpayers.

There have been many proposals on debt restructuring mechanisms.

Oral statements in plenary on CTT and debt sustainability.

Oral statements on global governance and debt and written statement on trade.

Investors were not worried about default risk on Spanish or Irish sovereign debt, or about Italy s chronically large sovereign debt.

Adherence to the principle of non default produced the French Revolution, the lesson being that political systems will collapse if they take on too much debt and try to pay at any cost.

We heard a strong welcome for recent progress on aid and debt, although many members expect further action on debt, more quickly and in more countries.

Debt sustainability and debt relief