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Still, according to the same data presented in Table 1, we can identify the Spanish fiscal adjustment as an active consolidation process, since debt reduction process was also driven by the control over the cyclically-adjusted primary deficit.
We take Spain as the domestic block, with a corresponding weight measured by the Spanish GDP over the EU15 GDP, p. Likewise, the foreign ("rest of the world") block, with weight ((1-p)), includes all the other EU15 countries (EU15-1) and is assumed to act passively to the debt reduction process in Spain.
The European Council welcomes the common European position on improving the debt initiative for heavily indebted poor countries and supports a faster debt reduction process for the poorest countries and ambitious aims as regards the extent of debt remission.
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McKinsey reckons America's households are between a third and halfway through their debt-reduction process.
As a result, the debt-reduction process will differ by sector and by country.
To speed the debt-reduction process, France Télécom announced today, it is selling assets that it had previously intended to keep, including its 25.6percentt stake in Wind, the Italian telecommunications company.
This was another aspect of denial, as the historical experience highlights some form of default or restructuring is an integral part (in addition to fiscal austerity) of the debt-reduction process for highly indebted economies.
And while several said it would be difficult to bring it before the Senate before Aug. 2, they said it could provide a good alternative to the 12-member special committee proposed by Senate Majority Leader Harry M. Reid (D-Nev ., which many fiscal hawks were coming to view as a likely D-Nev .d in the debt-reduction process.
The main reason for the slow pace of the debt-reduction process is the sheer complexity of the negotiations.
It points out that in many rich countries the process of debt reduction hasn't even started.
The scope for increasing exports is limited by the process of debt reduction in other rich economies.
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