It also GREATLY exacerbated the sovereign debt bubble, government deficits and National Debts.
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Mutualising part of the national debts would create a risk-free European asset.
From the sidelines, many voices say that the answer to all of this is to launch a eurobond that would essentially turn national debts into common European debt.
The negotiations come as governments seek new ways to rekindle growth without adding to already inflated national debts while central banks have pumped trillions of dollars into the global economy.
Rather than issuing new national government bonds, everybody, from Germany (debt: 81% of GDP) to Italy (120%) would issue only these joint bonds until their national debts fell to the 60% threshold.
Instead, one industry after another has shifted new investment to non-Japan Asia, where currencies are more dependable, the legacy burden of retirees is lighter and national debts are not at a crisis stage.
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Only if the rescue funds were free to borrow unlimited money from the European Central Bank could they credibly stand behind national debts and there is not yet any sign of that (see article).
So the wise men have tried to elevate the tone by analysing the euro crisis as three interlocking problems: first, the national debts of member countries, next the bad debts of banks, and last the broader macroeconomic gloom.
But it praised authority chair Andrew Dilnot for his "notable" recent interventions, particularly when Prime Minister David Cameron came under fire for claiming the government was "paying down Britain's debts" despite national debt rising.
The campaign scandals swirling around Mr Clinton have dented his ability to raise cash, and have obliged him to concentrate his efforts on paying off the debts of the Democratic National Committee.
So at the recent summit they muscled Germany and other northern countries to accept that the eurozone's main rescue fund could help directly troubled banks without going via national governments and so increasing their debts.
At best it would mean a deep recession, as debts and contracts were recalculated in national currencies, and savers and investors fled to the safest havens.
Nonetheless, the clash of debt cultures has thrown obstacles in the path of resolving the crisis, with Germany emphasizing individual national responsibilities and others seeking to spread the debts they took on to other, stronger governments.
Now national politicians are having to address those imbalances and debts against the backdrop of a deep financial crisis.
When the African National Congress came to power in 1994, it inherited big debts and a bunch of public utilities that guzzled subsidies and, for the most part, offered rotten service at extortionate prices.
To identify and locate any matched Federal personnel, employed or retired, who owe delinquent debts to the Federal Government under certain programs administered by the National Science Foundation.
Quite apart from the huge technical problems of reintroducing a national currency, quitting the euro would surely entail default on euro-denominated debts, and could also put a country's membership of the European Union at risk.
Italy already has one of the biggest public debts in the world - the result of decades of failing to balance its national accounts.
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That is what happened with Japan National Railways Settlement Corporation, a company set up ten years ago to assume the massive debts of the privatised railway network.
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