Rather than encourage private-sector deleveraging, they now want the private sector to take on yet more debt and are prepared to use the public-sector balance sheet to facilitate it.
It is widely believed that using guarantees to increase the firepower of the EFSF in either of these ways would impose so much additional strain on France's public-sector balance sheet that France is likely to lose its cherished AAA rating - which would then make the eurozone even more dependent on the financial strength of Germany.
Moody's said it was concerned about Slovenia's undercapitalized banking sector and deteriorating government balance sheet.
In the market, Exxon retains a reputation as having the most solid balance sheet in the sector.
This retail sub-sector has rebounded in part due to strong balance sheet management and inventory controls by the large retailers.
On that basis, the balance sheet of the UK public-sector looks considerably stronger than Italy's but weaker than Spain's.
While lower gas prices and the recovery of the auto sector (as supply chain disruptions eased in Japan) boosted economic performance in the third quarter, Hatzius believes the U.S. economy will continue to muddle through until the private sector feels comfortable enough that it has fixed its balance sheet to begin spending.
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That collectively weakened the balance sheet of the U.S. corporate sector and was among the reasons the market collapse hit the economy so hard.
But there may come a moment when the ECB decides that enough of its balance sheet is invested in Spanish and Italian public-sector debt.
The privately owned gold held in Turkish commercial banks has shown up on the balance sheet for the central bank, resulting in news reports of inflated official-sector reserves in the country, the consultancy said.
The sector may be paying a price for its cleverness, and for all those complex products and-off balance-sheet vehicles that seemed to be working so well in the good years.
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