Mr Cardoso's government raised taxes repeatedly to achieve ever larger primary surpluses (ie, surpluses before interest payments).
Italy's is very high, at 120% of GDP, but it runs a primary surplus (ie, excluding interest payments).
IMF, in an extraordinary fit of kindness, has accepted Argentina's commitment to a 3% primary surplus (ie, before interest payments) for 2004.
While these are taking place, there would be no bail-out money to fill the hole in Greece's primary budget (ie, excluding interest).
Next year it aims to achieve a primary surplus - ie a budget surplus, excluding the costs it pays to service its debts.
Italy might not need to leave the euro on grounds of its net external liabilities, and its primary budget (ie, before interest payments) is under control.
Even so, if Greece sticks to a revised programme, it should return to growth next year and enjoy a primary surplus (ie, before interest) by 2014.
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Its primary budget (ie, before interest payments) is in surplus.
Brazil's new president, Lula da Silva, said the big spending cuts he announced this week, aimed at raising the government's primary surplus (ie, before debt-service costs), would help the country survive a coming external crisis.
Brazil's is committed to a primary fiscal surplus (ie, before debt payments) of 3.8% of GDP in order to continue to lighten its debt burden.
The aim is to achieve a primary fiscal surplus (ie, before interest payments on government debt) of 2.6% next year, rising to 3% in 2001.
But Brazil's government, with a much bigger public debt, needs to preserve its primary fiscal surplus (ie, before interest payments) to retain the confidence of bondholders.
At that point, claim the EU's and IMF's economists, Greece will have returned to growth and reached a primary budget surplus (ie, it will raise more revenue than it spends, before interest).
The government has tried to stabilise the debt by running ever greater primary surpluses on the budget (ie, before interest payments).
There are two things that matter in government-debt dynamics: the difference between real interest rates and GDP growth (r-g), and the primary budget balance as a % of GDP (ie, before interest payments).
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