That makes Cyprus vulnerable now, as its economy falters and unemployment rises, imperilling the ability of firms and households to meet their debts.

ECONOMIST: The latest euro-zone member to request a bail-out

Unable to meet its debts, YRC underwent a financial restructuring that wiped out most shareholders and forced it to layoff a large percentage of its workforce.

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There are smart ways and dumb ways to do this: the dumb way is to raise rates in a broken, grossly complex tax system, choking off growth without bringing in the revenues we need to meet our debts.

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If banks struggle to meet their own debts, they have no choice but to reduce their lending.

ECONOMIST: Repent at leisure

It has massive debts to meet following the huge transfer deals of recent managers, and the construction work that is transforming St James Park into an football stadium masterpiece.

BBC: Freddy Shepherd

They said many organisations were "caught in a double bind" - facing spiralling debt if they stay in the scheme or having to meet "enormous buy-out debts" in order to withdraw from it.

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The Greek government required the bailouts because it was struggling to meet the interest payments on its existing debts.

BBC: Greece unemployment hits highest rate in European Union

He asked Gordon Brown for a rock solid assurance that whatever he did to clear the nations debts he would never ever meet a Russian millionaire to to "cadge" the money.

BBC: ANALYSIS BY CAROLE WALKER

The scale of the banks' bad debts overwhelmed the ability of the Irish state to meet its promise.

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Under the new bankruptcy laws, which took effect on Oct. 17, companies have to meet more stringent requirements before having the luxury of wiping their debts clean.

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