Under these conditions, deleveraging could put emerging Europe on a more sustainable growth path.

And it's called debt.

Low external debt

Confidence is fragile in an environment characterized by ongoing deleveraging, macro uncertainties, weak labor market growth, and a fiscal drag.

(b) External debt situation

until the entire obligation is discharged.

Debt indicators at the aggregate level . 21 27 8

Debt indicators at the country level . 28 45 12

Emerging Europe s Deleveraging Dilemma

A. Indebtedness indicators 6 10 4

Economic deleveraging takes time.

7. Welcomes initiatives that have been undertaken to reduce outstanding indebtedness

Oral Intervention on Debt was made at this session.

2. Countries classified as severely indebted by the World Bank . 13

But the deleveraging process will be gradual and orderly.

With everyone busy deleveraging, economies failed to recover.

Over the last 12 months, the indebtedness problem had grown.

For example, the Bank still classifies Mexico as a severely indebted country.

But debt is invisible, and it works just as well, even more efficiently.

China has grown at twice the rate of India.

We also know that excessive indebtedness curbs growth and development.

Hence, the current borrowing policy is, justifiably, cautious.

None the less, most developing countries are faced with the problem of high indebtedness.

63. A most disturbing question confronting the developing countries was that of excessive indebtedness.

When the pattern of indebtedness became flagrant, strong action would be taken.

The problem of over indebtedness is thus not limited only to low income countries.

The external indebtedness of developing countries poses the biggest impediment to their development.

Austere Growth?

To quit the eurozone would only increase their level of indebtedness.

Indebtedness must also be properly incorporated into the scale methodology.

Excruciating external indebtedness remains a major impediment to our development.

The subject of multilateral debt should thus also be carefully studied.

It is called debt, followed by the structural adjustment policies imposed by the World Bank and the International Monetary Fund.

So allometric cranial ontogeny is relative skull growth.

Over the last 30 years, in terms of the GDP growth rates, China has grown at twice the rate of India.

But wages have grown at a far slower pace than GDP.

In other words, the payments capacity within this group of debt distressed and severely indebted countries varies by a factor of more than 10 some severely indebted countries are much more severely indebted than others.

Half a Loaf Growth

Revenue growth Increased operational efficiency High client satisfaction and Good governance and oversight.

Output growth a

B. Population growth . 140 147 44

Population growth and

At the aggregate level, the debt indicators have improved significantly in the past dozen years.

The agenda refers in particular to the problems of debt, commodity prices and desertification.

It suppresses the regrowth of blood vessels that occur with return of the pterygium.