Most developing countries faced a serious risk of being left behind.

Moreover, it was not possible to ensure security while one billion human beings were in danger of being left behind.

First, we need to increase our efforts to ensure that the Laggards are no longer left behind.

The stronger sectors (within countries and across them) will continue to recover, but not enough to pull up the global economy whole As a result, weaker sectors risk being surpassed at an ever faster pace.

The Failure of China Bashing

And the United Kingdom is not far behind.

Either banks need to default on their senior obligations, or the government will need to default alongside the banks.

On that front, too, America has been falling behind.

What, one wonders, are lagging nations waiting for?

If Europe does not address these challenges, it risks being left behind.

The LDCs are lagging behind in respect of many of the MDG targets.

When girls are left behind the enormous social and economic benefits of girls' education are lost to the entire community.

Projects like these are being replicated across the continent, generating billions of dollars in value in terms of reduced costs, productivity gains, and increased revenues. As a result, Europe's leaders see not only opportunities for growth, but also the need to avoid being left behind.

There were also the two defaults through inflation in 1920 and 1923.

Is Africa next?

Portugal might follow Greece in a sovereign default and in leaving the eurozone.

Even in the US corporate sector, defaults will rise, owing to sharply higher corporate bond spreads.

First, governments should not be pushed into insolvency just to save all banks.

The best way to get rid of debt (short of default) is to grow out of it.

Either officials recognize immediately the inevitability of default and waste no resources trying to prevent it, or they believe that a default can be avoided and deploy all the resources at their disposal as fast as possible.

Europe s leaders were also paralyzed ruling out defaults and devaluations, as well as deficits and stimulus.

Why did the knees receive me? Or why the breast, that I should nurse?

Your words have supported him who was falling, You have made firm the feeble knees.

All hands shall be feeble, and all knees shall be weak as water.

Why did the knees prevent me? or why the breasts that I should suck?

Thy words have upholden him that was falling, and thou hast strengthened the feeble knees.

By creating the European Central Bank, the member states exposed their own government bonds to the risk of default.

The costs of default depend on how messy things become when payments stop. What are the legal difficulties?

Given the enormous cost of a default, any government should stay far away from the danger zone.

In addition, the draft Principles encourage IMF to implement fully its lending into arrears (LIA) policy.

One is underdevelopment.

The Central African economy basically relies on exports of agricultural, mining and forestry products.

Backwardness requires that we make much greater efforts.

A wave of state defaults followed in the late 1830 s.

The growing gap between mortgage debts and house prices will continue to increase the rate of defaults.

Instead of defaulting, countries arranged rescue packages with the IMF.

By being less concerned with preventing default, we can make risk and reward more congruent with each other.

But the liquidity crunch was not the only problem there was also a solvency problem.

Despite a messy default, this fresh start has generated a remarkable turnaround.

The second lesson, and the one most pertinent to Europe now, concerns the crucial role played by the default scenario.

The only way out is for Greece to default on its sovereign debt.

Most of the big Latin American debtors took extraordinary pains to avoid an explicit default.

A default would be painful but so would any other solution.

At some point, these countries may well choose to default on their external obligations rather than endure the pain.

However, the Fund noted some differences between the draft Principles and its LIA policy.31 For example the latter does not require early negotiations with a creditor committee in case of default (unless the case is complex).