Official Debt

Official Debt

Debt owed to a government or international organization, especially debt owed by another government or international organization. A major example of a lender of official debt is the International Monetary Fund. The term is most common in international development.
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As it stands, Social Security and Medicare are unsustainable, with the long-term gap between projected income and promised benefits reaching tens of trillions of dollars -- well in excess of the official debt the federal government has accumulated over its history.
However, several creditor countries believe that official debt forgiveness is incompatible with Eurozone membership.
As a result, an important fraction of the funds were used to replace private debt by official debt but one-third of this restructuring was concerning Greek banks.
Moscovici deflected Greek demands for official debt relief, saying the issue of making Greek debt sustainable in the longer term would only be addressed once Athens had accepted a cash-for-reform deal to release some 7.
Clearly, the central underpinning to why fixed-income has been so favoured has not been the markets' desire for laxity in government expenditure but indeed the very opposite, of restraint, following the massive accumulation of official debt post-crisis.
Greece would use the interim period to negotiate a rescheduling of its official debt, swapping euro zone government loans for GDP-linked bonds and ECB-held debt for interest-bearing perpetual bonds, he said.
Recent analysis shows that forgiveness of Greece's official debt is unambiguously desirable, as another bogus deal will keep the Greek economy depressed, ensuring that the problem soon recurs.
It is آ'onlyآ' asking for a reduction in Greeceآ's official debt and an end to austerity.
While Greece might now have a primary budget surplus, it has substantial official debt amortization payments to make in 2015 on its sovereign debt that now totals a staggering 175 percent of GDP.
External imbalances are also exerting pressures on international reserves, which remain weak at around three months of current account receipts, albeit supported by large official debt disbursements.
Cuba and the Paris Club of wealthy creditor nations are working to resume talks over billions of dollars of official debt in a new sign the communist government is interested in rejoining the global economy, reports Reuters (April 22, 2014):
HAVANA Tue Apr 22, 2014(Reuters) - Cuba and the Paris Club of wealthy creditor nations are working to resume talks over billions of dollars of official debt in a new sign the communist government is interested in rejoining the global economy.
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