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"If the problem is an excess of debt, the cure is not adding more debt, whether that debt is public or private," he wrote in the Corriere della Sera.
As it happens, Spain ranks particularly poorly as a place to start one, according to the World Bank.What is holding back the euro zone at the moment is above all an excess of debt, which in turn is causing banks, companies and households to be cautious about lending, investing and spending.
Courts must begin to take cognizance of the fact that ignoring the terms of loan documents is not in the best interest of anyone except the owners of assets that no longer have value in excess of debt.
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It's a monster payback for the excesses of debt of the past many years.
MAXED OUT A documentary by James Scurlock about the American excess of personal debt.
"I had my income and outgoings assessed and met the requirements of having in excess of £15,000 debt with little disposable income".
Mr. Ferguson was particularly struck by the new borrowing because the roots of the current crisis lay in an excess of American debt at all levels, from homeowners to Wall Street banks.
Acmes cash flow is negative, but it appears to have plenty of value in excess of its debt.
James Stack of InvesTech Research likes Microsoft for its exceptional profitability, with companywide operating margins in excess of 40%; debt-free balance sheet; and $12 billion in free cash flow.
During the same time period, debt was reduced by 28 percent with the company currently servicing in excess of $160 million of debt.
It granted wide freedom to national governments, culminating in internal political distortions and excesses, accumulation of debts, environmental degradation and exploitation of domestic economy.
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