The new target is a reduction of debt to 124 percent of gross domestic product by 2020, from 175 percent now.
Countries, as the Bundesbank head said last week, may get "hooked" on ECB aid, delaying the reduction of debt and public spending in crisis countries.
Stanley M. Bergman, the chairman, attributed the increase to favorable currency exchange rates, a larger gross margin, and a reduction of debt payments.
Shareholders of Telecom Italia, the phone company, have approved a merger with its parent, Olivetti, clearing the way for the sale of assets and the reduction of debt.
It then promptly states: "This income was utilized, among other things, for the funding of construction projects at various multi-million dollar developments, reduction of debt and the funding of the campaign".
On the other hand, Kraft, an economist by training, presented a more even-handed plan for the long-term reduction of debt that wouldn't, in her words, punish children and reduce investment in education.
Among the handful of what Mr. Bell called bright spots for Interpublic were a reduction of debt at year-end, to $2.6 billion from $2.9 billion; strong net new-business performance in 2002, totaling $3.2 billion in billings from advertisers like Bank of America, Novartis and Qwest Communications; and continued progress on talks to sell the NFO WorldGroup, a research unit.
"Our priority is scholarship assistance and a reduction of debt for our students, so that when they go out into the field, where there's no guarantee they will be highly compensated, they are not encumbered by the cost of their schooling".
Typically, the theory associates the choice of debt contract terms to firm and market characteristics, arguing that an adequate choice of these terms allows for the reduction of debt contracting costs.
Then there are some concerns over the reduction of debt shown.
