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In Europe, public debts are the focus.
Public debts are vast and growing vaster each year.
Yawning government deficits and spiralling public debts are the stuff of most bond traders' nightmares.
In Europe the talk is of how to distribute the pain of cutting public debts.
Others, though, support the decision to seek private help in collecting public debts.
After 15 years of economic torpor, Japan's gross public debts exceed 150% of GDP.
Investors fear that it, like Greece, may not be able to repay its public debts.
Both countries' public debts have long been bigger than their annual GDP.
Typically, lenders will demand ever higher rates of interest from spendthrift governments as public debts grow.
The financial system has been repaired, public debts are being reduced, the eurozone has been saved.
And this has real costs in the euro area where public debts are already very high".
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