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Rio is targeting significant debt reduction in 2014.
All those deals included significant debt reduction in exchange for guarantees of principle and interest payments.
That is a prelude to a hoped-for debt reduction in 2013.
The obvious solution will be a major debt reduction in exchange for local reforms to prevent a new debt buildup.
Debt reduction, in exchange for an equity stake, is a standard strategy for dealing with failing companies.
But it did some useful work on debt reduction in the developing world, and encouraged economic development in Africa.
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The big risk is that investors, fearing forced debt reductions in many countries, would dump European government bonds, leading to new financial and economic weakness in Europe.
"Fast-rising household debt is needed to maintain a reasonable rate of growth in consumers' spending and GDP in a world of government debt reduction and in a context of slow growth in world trade, itself caused by debt-reduction policies especially within the eurozone.
He pledged surpluses and debt reduction and, in his first year in office, to create 1m jobs.
President Barack Obama's most dramatic gesture in this direction was convening the Bowles-Simpson debt reduction commission in February 2010, long before Democrats lost control of the House of Representatives.
On Tuesday, the Ford Motor Company, which did not eliminate any debt in a bankruptcy filing as G.M. and Chrysler did, said its debt reduction actions in 2010 would reduce interest expenses by $800 million.
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