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Offering a pension is like incurring a debt, since it involves the promise of a series of future payments.
ECONOMIST: How low real interest rates hurt pension funds
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For the ratings agencies, the OBR's re-assessment of growth is important, but also key is Mr Osborne's abandonment of his promise to have the debt ratio falling by 2015-16.
BBC: Autumn Statement: What has changed?
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This signal is further reinforced by the promise of the Treasury to tide over debt with emergency funds if need be, indicating the potential need for additional reliance on non-legislative bodies to substitute for Congressional policy change.
FORBES: It's Wednesday, November 7th: Now What?
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Mr Thaksin's promise of early debt repayment co-incided with press reports that the government is poised to raise its forecast for economic growth this year.
BBC: Bangkok
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But there is no argument that slow growth has hit tax revenues - and that, in turn, has almost certainly led to a situation in which Mr Osborne is either going to have to abandon his promise to have the stock of debt falling in 2015, or announce fresh spending measures or tax rises for the next two years.
BBC: Hard times for Mr Osborne
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If a promise to pay someone money in the future isn't a debt, what is it?
ECONOMIST: Buttonwood: A trillion here, $500 billion there | The
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But there is commercial logic, too: Spanish bonds, say, promise a nice return if you think the debt crisis will go no further.
ECONOMIST: Capital and companies from China are sidling into Europe
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The brewing European debt crisis demonstrates again that the greatest source of systemic risk is believing politicians when they promise government guarantees are costless, and that elite public servants are capable of protecting us from systemic risks in the first place.
FORBES: Governments Are The Primary Creators Of Systemic Risk