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That would constitute default even if it offers to service the debt under local law.
Operating funds now being used for capital expenses would be used to service the debt.
But the high taxes and fiscal surpluses required to service the debt weigh on the economy.
"Vacancy rates have increased, making it more challenging to service the debt on the property.
One is the ability to service the debt with limited budgets.
If not, the fund will still be short of money and taxpayers will somehow have to service the debt.
"We have the cash flow to service the debt," he said "and we can roll over the principal".
Anticipated nominal GDP growth comes nowhere close to being able to service the debt that has been accumulated since 2009.
The key, of course, is to buy only firms with stable enough cashflows to service the debt.
In other words, a highly-leveraged depreciating asset that sits empty and they have to service the debt.
The government said tax receipts last month declined 11.3percentt from prior year, increasing pressure to service the debt.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com