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Neither thinks that official debt figures mean all that much.
It is rare to amend the terms of official debt.
But Mr. Buchheit says there could be an advantage to applying the extension to official debt.
It is the only euro country whose official debt has been restructured.
Debt forgiveness writing off some official debt—has been ruled out.
But none of that is reflected in Spain's official debt tally of about 800 billion euros.
They're just fancier ways of owing money to ourselves, ways that cause the official debt ratio to rise.
Under European public-accounting rules money owed to suppliers is generally not counted in the official debt measure.
For example, suppose that to make debt sustainable now, we need a 40 percent write-off on official debt.
One recent estimate put this fiscal imbalance as high as $45 trillion -- seven times the size of the official debt.
Despite once again restructuring all of its official debt in 2009, Japan has yet to see any payments.
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