They need to assume some form of joint liability for debts, with only the well-behaved benefiting from the shelter of Eurobonds.
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But there is no strategy on the bigger question of how and how far euro-zone countries should go towards joint liability for some debts.
"A joint liability for others' debts is not acceptable, " she said.
This instrument must involve some joint liability for government debts.
In 1995 the Private Securities Litigation Reform Act substituted proportionate liability for joint and several liability as the standard for damages.
Indeed, the Australian government said last year that it would replace the principle of joint and several liability for auditors with that of proportionate liability, and also allow auditors to incorporate.
German savings banks and mutual banks are used to the idea of mutualised guarantees: they have formed joint-liability groupings, which vouch for the solvency of each bank in their group.
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Internal Revenue Code Section 6015(f) provides that where a requesting spouse does not qualify for relief under Section 6015(b), the IRS may nonetheless relieve her of liability for the tax deficiency on the joint tax return where it is inequitable to hold her liable for the tax.
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Joint and several liability means that each spouse is liable for up to the full amount of the liability, though the IRS cannot collect more than the full amount of the liability.
And so, in the case of Tomi Baumann , the Secretary, in an exercise of discretion, relieved Tomi of a portion of the liability resulting from a joint return she filed with Stanley for 1998.
Summed up, for a divorcing spouse with little or no taxable income for the tax year, signing a joint tax return may pose considerable liability risk with no appreciable benefit.
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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.
For these and other reasons (for example, sunk investment, concerns about legal liability for failure to honor contractual commitments, fears of mismanagement by Chinese partners currently running joint enterprises without benefit of the supervision of the involved Western companies, etc.), many businessmen in the United States and elsewhere are currently considering a speedy return to China.
The IRS no longer requires that an application for innocent spouse relief be filed within two years after it first acts to collect the joint tax liability in question.
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