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This will require tightening the primary balance (before interest payments) of governments.
A rate above 6% translates into interest payments of more than €50 billion a year.
The company made interest payments of £68.8m on loans totalling £699m in 2007-08.
Its main ingredient is a primary budget surplus (ie, before interest payments) of at least 4¼% of GDP.
At present, this involves a primary fiscal surplus (ie, before interest payments) of 3¾% of GDP next year.
New Look reckons it will make top-line earnings, before interest payments, of £84m this year in its core business.
Since the 1990s Brazil has tended to aim for a primary surplus (before interest payments) of close to 3% of GDP enough to begin reducing its debts.
This will help Mr Levy to keep his promise to achieve a primary surplus (before interest payments) of 1.2% of GDP.
Growth surged to an annual 8% rate late last year, ensuring the goal of a "primary" budget surplus, (ie, before interest payments), of 3% in 2004.
Greece has only just managed, in 2013, to achieve a surplus on its primary budget (ie, excluding interest payments), of 1.5% of GDP.
To stabilise the debt burden, the government reckons it needs to generate a primary surplus (ie, before interest payments) of around 3% of GDP.
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