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The eurozone has its problems of imbalance, productivity, growth, debt and unemployment, certainly.
By various measures, such as growth, debt and inflation, the two countries are roughly level.
"If you make less heroic assumptions on growth, debt doesn't come down very much at all," Mr. Tan said.
Ms. Chrosniak has testified that Timothy Rigas, a former finance chief, lied to investors about subscriber growth, debt and the upgrading of equipment.
This scenario is one where growth debt is a powerful tool.
In the later stages, however, growth debt can be an incredibly impactful, lower-cost source of growth capital.
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Indeed, because of the harsh effect of budget cutting on growth, debt-to-G.D.P. ratios in Europe have continued to rise.
Despite signs that austerity programs were hurting growth, debt-ridden governments probably have little choice but to continue to cut spending to persuade their creditors that they can meet their debt obligations.
The economists, analyzing 3,700 separate economic observations, found little relationship between growth and debt for countries with debt-to-gross-domestic-product ratios of 90 percent or less.
Even with all the economic growth, lower debt, lower taxes, booming exports and strong currency, public sector debt is still 51% of GDP, so continued progress is essential.
Also, unlike those countries where the growth in debt is from government borrowing, most of China's increase in debt is due to companies borrowing.
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