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Greece was given a 110bn-euro package in May 2010 and a further 130bn euros in October 2011, along with a 100bn-euro debt write-off.
BBC: Longer working week suggested for Greece
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However, the ONS also added that the latest figures also recorded an improvement on April last year as the 2006 figures were affected by a write-off of Nigerian debt.
BBC: NEWS | Business | UK finances mean boost for Brown
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He believes Europe needs to write-off some of its debt to avoid a stagnant economy for the next decade.
CNN: Lego tells Europe how to rebuild, brick by brick
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But the appropriate response to this situation is to write-off much of this debt, not to pile on even more debts from bailout resources or to demand a Greek exit from the euro.
FORBES: Greece: We Need to Stop Confusing Default with Exit
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Russia's private-sector creditors have agreed to write off more than a third of the debt, swapping the rest for long-dated, low-interest Eurobonds.
ECONOMIST: Russian debt
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And they were going to have to write off a lot more Greek sovereign debt - not just the bonds held by private investors.
BBC: Soros speaks on Euro
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Deferred tax liabilities, off-balance sheet debt, and asset write-downs result in a bloated balance of which most investors are not aware.
FORBES: Energy ETFs Running On Watered-Down Gas
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This long-term decline in NOPAT, combined with growing asset write-downs and consistently large off balance sheet debt, indicates a company with serious issues.
FORBES: Zale Is No Diamond In The Rough
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In order to secure the 10bn euros, agreed by the EU and IMF, Cyprus was forced to wind up one major bank and write-off of a large portion of secured debt and uninsured deposits in the largest bank, Bank of Cyprus.
BBC: Cyprus to ease citizenship rules for EU bailout losers
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This is a company with off balance sheet debt that is over 60% of its net assets, write-downs that are over 25% of net assets, and after-tax profits that have been declining.
FORBES: Zale Is No Diamond In The Rough
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Now, Tokyo will probably have to write off almost all the Sogo debt that it holds, while banks must increase their loan-loss reserves.
CNN: Bankrupt Sogo