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Low inflation, especially if it is lower than borrowers expected when they took their loan, weakens that process and leaves debt burdens heavier than they would have been.
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More likely, participation in any write-off would be lower than that, leaving debt above 145% of GDP in 2020.
A massive one-off adjustment is needed and even that would leave debt at over 100% of GDP in five years' time.Mr Cort's budget is unlikely to provoke unrest.
Bottom line: Anyone can die leaving debt behind.
So if the U.S. can't run out of dollars, it is not leaving debt to the grandchildren, and it can never become Greece.
Uncle Edward's wife, aunt-in-law Sophie Rhys Jones, PR company left debts of £1.7m.
The bank went bankrupt in 2005, leaving debts of more than $1 billion.
"I don't want to leave debts to my children," he shouted before pulling the trigger, witnesses said.
The company folded in 2001, leaving debts of £153m and a trail of corruption that led to Fifa's door.
Iceland's three main banks collapsed in October 2008, leaving debts more than 10 times the size of the country's GDP.
The lawyer added: "Mr Woodhouse has held short-lived directorships of two businesses that left debts when they were wound up.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com