Getting out of debt requires commitment and sacrifice, but be aware of the tools you have and use them wisely.
"They've put themselves into a bit of a box" with an unwavering commitment to debt reduction, he added.
The fiscal position's vulnerability to a softening of international oil prices, combined with Mr Correa's weaker commitment to debt servicing, could cast doubt on the country's payments capacity.
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Richard Haass of the Council on Foreign Relations acknowledges that this structural commitment to future debt is not unique to the United States.
Most of the ratings agencies wanted to see tax rises as a part of any plan, and - above all - a commitment to stabilising the debt as a share of GDP.
Some investors fear that Cyprus will never be able to repay its debt, and many question its commitment to fighting money laundering and its strong links to Russia, which extended a 2.5bn-euro loan in late 2011.
Inevitably, there will be strenuous efforts made by the Bush Administration, other Western governments and numerous private banks to stampede the former Soviet Union into a commitment to secure all debt obligations beyond the very limited rescheduling of principal payments already agreed for 1992.
But Mr Osborne said Britain's situation would get much worse if the government abandoned its "commitment to deal with that debt problem".
The president-elect has pledged to retain dollarisation, but his commitment to reducing the country's debt-servicing ratios has raised the prospect of another default.
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The result has been a failure to make progress on the June commitment to re-examine the Irish bank debt.
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But the present government with its commitment to cutting the budget deficit and public debt are in any case pursuing the opposite of a Keynesian policy.
"The UK has already cancelled all debts owed to it by Haiti and I strongly welcome today's G7 commitment to forgive Haiti's remaining multilateral debt, " he added.
Higher interest rates and a commitment from the Fed to refrain from purchasing Treasury debt would force the government to dramatically reduce spending.
Finally, in keeping with our commitment to transparency, Development began the process of posting its technical debt ratio continuously for all our company to see, along with our financial results.
The second, vital component of a Republican tactical retreat would be to fulfill their commitment to reduce government spending and permit the bipartisan agreement negotiated when the debt ceiling was increased in August 2011.
So the point is we have to separate the two in the sense that we can make serious progress with great commitment on deficit reduction, but we must within a time certain raise the debt ceiling.
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