However, Wales Office minister Stephen Crabb said there will continue to be a debt liability to taxpayers beyond that date.
The public debt is a liability for the government but it is an asset for the private sector.
By extension, just as every debt is a liability for the borrower, it is an asset for the creditor.
Starting with the informal summit this week, it is time for the next step down the long and winding road to joint and several liability of eurozone debt.
U.S. stocks briefly sank to session lows after Reuters reported German Chancellor Angela Merkel said Europe won't have shared liability for member nations' debt.
U.S. national debt, they leave in place an American liability that prevents trade adjustment.
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That liability usually ends up as Treasury debt parked at the Federal Reserve in custody for foreign governments, the proof of purchase for billions of dollars in extra U.S. imports.
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An augmented personal balance sheet depicts pledges as a liability with the same force on the grantor as any other debt.
Delta said it will also continue its debt reduction efforts and disciplined capital investment and will aggressively manage its pension liability.
Two studies estimate California's unfunded pension liability at about half a trillion dollars, almost seven times its official debt.
That liability exists even if it isn't recognized as part of the national debt.
Instead, they would ultimately eliminate the unfunded liability of Social Security entirely, which would be the biggest reduction in effective government debt in world history.
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Example: Lenders could face liability for pushing balloon mortgages to retirees living on a fixed income, or for committing debt-laden borrowers to loans with monthly payments that exclude taxes and insurance.
The tax liability need not have been assessed at the time of the transfer, as long as the tax debt had accrued.
Given the sovereign debt turmoil in the Eurozone and the approaching debt problems for the US (as the US debt-to-GDP figures escalate over 100% by mid-2012 without accounting for state unfunded pension liability), debtor nations will find it difficult to finance large-scale consumption economies any longer.
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