But Germany had no debt overhang to confront.

The crisis originates with excessive debt accumulation, which makes economies vulnerable to crises of confidence.

But as debts mount, and global interest rates rise, investors will become rightly nervous about the risk of debt restructuring.

It is time to rethink the problem and to devise new financial mechanisms to resolve the debt problem that do not lead to debt accumulation.

The footprints of crisis are evident in indicators ranging from unemployment to housing prices to debt accumulation.

Local governments have also accumulated massive amounts of non explicit debt through arrears, credits, and guarantees.

The risk stemming from local government debt is exacerbated further by massive amounts of non explicit debt acquired through arrears, credits, and guarantees.

The resulting build up in debt created its own constraints, and now Europe s economy is forced to rebalance.

6. Expresses concern that the territorial Government is facing severe fiscal problems, which has resulted in an accumulated debt of more than 1 billion dollars

Local governments are saddled with a mountain of debt and wasted investments, banks accumulate risky loans, and farmers lose their land.

New arrangements for monitoring member states budget balances have been introduced, but they can do nothing about the stock of debt outstanding.

Sustaining a high budget deficit over many years will lead to an unmanageable debt buildup, unless that debt is inflated away or restructured.

At nearly 10 of GDP, the deficit is resulting in a mountain of debt that threatens America s future.

The financial sector s explosive growth over the past two decades has fueled the accumulation of exceptionally large volumes of debt.

But even in the shorter run over the next two presidential terms, say the costs of a high deficit and rapid debt growth would be substantial.

But this has not helped such countries, for the availability of soft credit from the eurozone or the Fund only enables a greater accumulation of debt.

As debt mounts and the recession lingers, we are surely going to see a number of governments trying to lighten their load through financial repression, higher inflation, partial default, or a combinations of all three.

Indeed, history suggests that severe recession and socialization of private losses often lead to an unsustainable build up of public debt.

Argentina then used a mixture of coercion and negotiation to get out from under the mountain of debt that it incurred in the 1990 s, effectively expropriating foreign creditors, who were viewed as dangerous and malign.

Others emphasize a buildup of combustible materials.

LONDON The Great Recession of 2008 2009 was triggered by excessive debt accumulation and leverage on the part of households, financial institutions, and even the corporate sector in many advanced economies.

The financial sector s explosive growth over the past two decades has fueled the accumulation of exceptionally large volumes of debt. In the absence of some positive shock such as an acceleration of GDP growth servicing that debt becomes impossible for at least some borrowers.

Inertial guidance systems accumulate errors over time.

For these sectors, rapid investment driven growth in the past decade has produced a mountain of excess capacity, reflected in stagnant prices and the banking sector s soaring volume of bad loans, as price wars squeeze profitability and stimulate real estate speculation.

As deficits accumulate, the cost of servicing the net international asset position grows.

The economy seemed to have escaped its dependence on inventory accumulation.

At present, the accumulation of wealth is accompanied by the accumulation of poverty.

His delegation wished to know the reasons for that backlog.

It is also more efficient to keep tax rates stable over time, and thus to finance with debt temporary large spending needs such as military buildups during war (or to prevent war), while reversing the debt buildup thereafter.

Resulting coatings are made by the accumulation of numerous sprayed particles.

Economic development involves financial flows and the buildup of debt.

There are five bad passes, due to the accumulation of trees and rafts of timber.

Forests have a direct bearing on many of the clusters of threats to collective security.

The first is transatlantic divergence over how best to assure a return to solid growth. The United States favors continuing economic stimulus, while the European Union prefers fiscal consolidation.

Of course, curbing future debt accumulation is also vital to China s long term prosperity. That is why China must reduce local governments dependence on banks to meet their financing needs, by nurturing bond and equity markets.

But the economic and social costs are very high. Local governments are saddled with a mountain of debt and wasted investments, banks accumulate risky loans, and farmers lose their land.

In the advanced economies at the core of the recent financial crisis, the rules, implicit or explicit, of strict inflation targeting regimes led monetary authorities to stay put while a massive pyramid of debt was built on a base of overvalued collateral.

After almost 15 years of unprecedented growth interrupted only by a brief slowdown in 2000 2001 the United States has accumulated a huge stock of foreign liabilities, equivalent to 25 of its GDP.

Japan, for example, had three recessions in its lost decade, starting in the 1990 s, despite a long string of large Keynesian stimulus programs that left it with the worst public debt burden among advanced economies.

The wisdom of these elders is not a mere collection of stories about old people in some remote spot.

The disadvantages are compounded because of the general lack of access to legal service.

Debt

The magic of markets made possible an individualization of borrowing and consumption.

In many developing countries, IPAs do not pay adequate attention to the potential for attracting FDI that could contribute to knowledge accumulation but focus rather on capital accumulation in tangible assets.

The land is full of nutrients because of the accumulation of sedimentary mud that created the land initially.