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But a slump could lead to debt default and a messy exit from dollarisation.
"They also believed that the first restructuring would lead to debt sustainability.
Through much of the quarter, fears abounded that decades of profligacy by governments in Greece and elsewhere in southern Europe would lead to debt defaults.
On the one side, subsistence farmers were always vulnerable in years of poor harvests that could lead to debt and ultimately to the loss of their plots.
"More people are turning to credit … While this borrowing might be manageable now, a sudden change in circumstances could lead to debt problems".
That bill added a provision encouraging the Bush administration to begin negotiations that could lead to debt relief for nations hardest hit by AIDS.
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Workouts can lead to debt-for-equity conversions and fresh loans from lenders, a process during which current shareholders usually see their investments written down.
Since the 1990s the Belizean government has attempted to expand the economy, but heavy borrowing led to debt restructuring in the mid-2000s.
Many cases involve a pile-up of calamities: one constituent tearily describes how immigration troubles have led to debt, repossession, repeated school moves and worse.
Foreign multinationals' dominance of food grains, genetically modified seed, fertilisers and pesticides has sucked small farmers into a ruthless global market and led to debt and destitution.
In some cases domestic investment was funded externally, but as concern about over-investment grew, sudden stops in external financing led to debt crises and a near-permanent collapse in the investment-driven growth model.
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