With public debt at 120% of GDP, Italy would transfer almost 1 trillion Euro into the fund as existing national debt came due and was replaced by the issuance of joint bonds.

意大利的公共债务占到了GDP的120%，随着国家债务到期日的日益接近，大约有1万亿欧元的意大利债券将转入偿还基金，并由共同担保债券取而代之。

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The direction of using national debt fund should be adjusted; meanwhile, the efficiency should be improved.

要及时调整国债资金使用方向，提高资金使用效率；

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The president does not have discretion under the Constitution to refuse to pay interest and principle on the national debt, including the Social Security trust fund bonds, as long as he has the money to do so, which he would even without an increase in the debt limit, or taxes, as explained above.

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By the end of the wars, the government was borrowing all of the money for the fund from the same markets that the fund bought from, in the deluded belief that reinvesting the interest on the bonds held by the fund would yield compound returns sufficient to pay off the whole of the national debt.

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This 17bn euros of loans from the eurozone and International Monetary Fund would have taken Cyprus's national debt to 145% of its GDP, or economic output, which was seen by eurozone finance ministers as unsustainably high.

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