A subtler long-reaching consequence of debt is the effect it has on younger generations.
"Despite recessionary trends in Europe and rising uncertainty as a consequence of the debt crisis, Germans feel that the national economy is continuing its upswing," GfK said in a statement.
They abolished slavery, an institution that existed primarily as a consequence of unpaid debt (although in Jaffna, it was part of the caste system), relieved native officials of judicial authority, paid salaries in cash, and relaxed the system of compulsory service tenure.
Sturzenegger left behind another ticking time bomb too: some one billion pesos in short-term paper called Lebacs which were used to sterilise or soak up excess pesos injected into the system as a consequence of foreign debt sales in dollars.
Single-asset real estate bankruptcy and the federal income tax consequences of debt restructuring are also addressed.
At the same time it is also stricken by high levels of public debt and unemployment, and struggles with austerity policies as consequences of the Eurozone crisis.
The country's overall indebtedness has continued to grow, but largely as a consequence of the bailouts, which piled debt upon debt.
In both countries, recessions turned into depressions as a consequence of austerity policies -- making the debt even more unsustainable.
The main emphasis is on social work issues such as clarification of debt problems.
Some Member States' debt and budget deficits have reached crisis levels as a consequence of the nationalisation of privately owned bank debt, resulting in vicious austerity programmes which are hitting the vulnerable hardest.
