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But cancelling debts that were not being collected anyway is not a strenuous form of charity.
"We have to stop creating debts that will burden the next generation".
In the process, the company landed itself with debts that reached £4.2 billion in 1998.
When capital flows reversed, borrowers were left with debts that grew larger as the dollar strengthened.
It is these growing hidden debts that make many analysts nervous.
We are amassing debts that will take decades to pay off.
The more we delay the cutbacks, the bigger the debts that will need to be cut.
That could boost spending temporarily or help people pay down debts that have become onerous.
Like the UK, we face the prospect of debts that are never repaid.
We don't think we should pay for debts that have been accumulated by these countries.
As a result, some debt collectors attempt to collect on debts that have already been paid.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com