Bail-out rumors were enough to calm markets this autumn, but the actual debt support packages must now meet the market expectations to keep the slightly stabilized consumer mood intact.
The catalyst for such a market decline is liable to come out of Europe again, perhaps from an actual debt default by Greece, or a worsening spread of the crisis to Italy or Spain.
Foreign bankers, especially European and Japanese, were looking for new markets as their own stagnated, and they loaned huge sums to Indonesian enterprises via offshore entities so that actual foreign debt far exceeded the official numbers.
These arguments address the morality of debt and borrowing, rather than the actual impact that student debt forgiveness would have on the economic crisis.
But when we stand back from the deal, I suspect the larger questions will be around the actual amount of debt relief that has been offered to Greece.
Our national debt will continue to edge up, but interest payments, the actual piece of the debt that affects the budget, will continue to be de minimis and thus we can continue to roll over maturing debt and keep these payments well below the danger zone.
The key here is that the markets have been concerned that the mess in Greece might wind up producing an actual default of sovereign debt.
In a departure from previous holdings, the Tax Court disagreed with the IRS, holding that the distribution and contribution of the debt created actual economic consequences to the parties.
There is lots of government work and most of the operations of the federal Bureau of Public Debt, which does the actual borrowing of the money requested by Washington, are done in Parkersburg.
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It said if an overpayment could not be recovered via salaries, it was recovered through the trust's debtors process or a debt collection service, but actual figures were not available as they were not kept centrally.
Meanwhile, many market participants noted that much of the positive mood seen in Monday and Tuesday's session has been down to hope of some kind of progress in tackling the debt crisis, rather than actual facts, as investors await the outcome of the two-day meeting of euro-zone finance ministers in Brussels.
"Everyone thinks we've got a fortune hanging around, but in actual fact the company's got a big debt, " he said.
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As I pointed out yesterday the actual haircut that the private sector holders of the debt are being asked to take is a lot higher than the 50% that is generally being bandied around.
Maybe when the news flow and actual policy decisions regarding the U.S. and European debt crises look more positive than negative.
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The officials agreed to keep studying the possibility of revaluing IMF gold reserves to raise money for debt-relief programs, which would not involve actual sales of bullion.
It offers a bureaucratic substitute for the actual market discipline (yes, even to the point of a debt crisis) that can alone force the necessary fiscal correction.
Moreover, the less leverage they used, the greater the odds would be that oil prices would reflect actual changes in supply and demand for the commodity itself rather than the availability of debt to finance speculative bets.
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Plus, many investment advisory firms are now recommending emerging market debt to their retail clients as a means for diversification, and, better yet, actual income.
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"What is going on right now are technical discussions between the Iraqis and each of the Gulf Arab states, including the Saudis, on exactly what the amount of the debt is, whether that would include interest, what are the documents that would support the actual claim, " he said.
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