The federal two-island nation expects to get creditor cooperation in restructuring its public debt stock, which is said to be a total of about $1 billion. However, treasury bills are not a part of the plan.
Alabama's leaders both state and federal have worked to curb wasteful spending and bring our national debt under control. This is hard to do with a President hell-bent on exercising Socialistic redistribution of wealth. You simply cannot spend your way out of trillions of dollars of debt.
The country's debt relief consolidation economy is said to get a strong return and CDS Credit Default Swap on its debt has eased this year. Ratings agencies maintain their junk status on Iceland with a population of about 320,000.
One of the major drawbacks is that it does not lead to debt elimination. All it does is to shift the debt, which has to be paid by the person at a later date. Another con is that when all the loans are shifted to a single credit card, a person who is habituated to living on cards might use the other cards whose credit limits have been freed. This might lead to another spending spree. Lastly, by consolidating the debt, the loan payments are stretched for a longer time period. There is a possibility that the total interest that one ends up paying on the loans will be much higher in the long run. Thus, in reality you could actually be paying more by opting for a debt consolidation program.
Though the country has passed new austerity measures and been provided a second bailout, its default reportedly looks more likely. Greece's public debt is expected to rise in 2012 before easing in 2013.
Uncheck spending of President Mugabe had raised Zimbabwe's debt burden. The country even asked for debt relief as part of the Heavily Indebted Poor Countries program in 2010. The IMF said that Zimbabwe was under debt stress.
According to IMF, the country's debt has been falling down but half of its budget revenues go towards interest payments on its immense debt burden. Lebanon's public debt is now at $52.7 billion.
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