Even if handled well, the difficult business of debt reduction will hold back the rich world's economies for several more years.
Growing GDP will be extremely difficult because high debt levels require onerous spending cuts, which, in the short term, can cause a contraction in the private sector and a decrease in total output.
Government debt is difficult to curb because politicians often choose to leech more tax money rather than face tough choices.
The recession has made the job of recovering rate debt more difficult.
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With a few exceptions, governments on both sides of the Atlantic are heavily indebted, and that makes it difficult to assume more debt to recapitalize banks.
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Unfortunately, at the same time, factors beyond our control have created a perfect storm a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt.
Unlike most other types of consumer credit, student debt is extremely difficult to discharge in bankruptcy.
Some groups want definite, if difficult, things such as debt relief.
This, and most Greek politicos know it, mean that even a New Democracy government will find it difficult to stave off a debt default in Greece.
With fuel prices volatile and the economy chugging along at a steady but unspectacular pace, investments in new aircraft and updated facilities will be difficult without taking on new debt.
The sharply increased use of bonds and other securities has actually compounded the problem of moving such governments toward disciplined, transparent financing methods and made more difficult the rescheduling of such debt instruments during periods of financial distress.
Delaying that fiscal responsibility only makes the eventual debt reconciliation much more difficult or even an unviable option.
Local debt markets are also difficult to trade without a local branch network, which adds to costs.
It has proved much more difficult for borrowers to switch their debt to another card for a better deal.
Debt reduction is very difficult without economic growth, and the scale of Europe's austerity makes it hard to see where that growth will come from.
It had saved her a lot of stress and had helped her avoid credit card debt during a very difficult time, but it was now seriously depleted.
While we had the option to try to raise debt or equity capital, we knew debt capital was incredibly difficult to raise in the current economic environment.
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But one of the reasons for the attractiveness of US government debt is the extraordinarily difficult trading conditions at present, and this event is not going to lessen those difficulties.
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Repaying debt has become more difficult in part because loan balances have grown and the interest rates on federal loans have increased as a result of a shift from variable-rate to fixed-rate loans.
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As a result, he added that there was a danger that the Italian economy would be burdened by extremely high levels of taxation for many years to come, which would dampen future economic growth, making it difficult to pay down the government debt.
Unless America can convince the IMF to go soft by accepting a rosier forecast, the Europeans may have to lend Greece more money (difficult), forgive some of its debt (almost impossible), or both.
If the Fed instead had refused to buy federal debt, interest rates, and therefore the annual cost of servicing the gargantuan federal debt, probably would have soared, thereby making it much more difficult politically for Congress and the White House to continue adding over a trillion dollars of debt per year.
But it would do nothing to reduce Greece's debt burden and would be hugely difficult to co-ordinate.
The EU is in economic recession, which makes getting its debt problems under control a very difficult proposition.
On the grading scale, BofA did slightly better, with Kramer noting the bank is in a "difficult situation" with troubled assets in collateralized debt obligations (CDOs) and some real estate from Merrill Lynch.
The task was especially difficult for a Yankee who hated the notion of debt.
Mr. Cameron said the economy was going through a difficult process of rebalancing away from financial services and debt towards manufacturing.
"It is no surprise that after a difficult year the economic realities dictate that austerity and debt reduction will take longer, " he added.
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