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This whole debt ceiling debacle and its potential consequences are similarly confusing, especially if you're just tuning in now.
The whole debt ceiling debate is a phoney one imported from America by someone in Canberra who watched too much of The West Wing.
"This whole debt sustainability analysis is a joke," said Charles Wyplosz, an international economist and critic of the I.M.F.'s ability to properly assess the long-term debt prospects of countries it lends to.
You are liable for the whole debt, not just half, so if your partner can't or won't pay, you can be pursued for the entire debt, whether you can realistically afford it or not.
Even though she cannot afford to pay off the whole debt, the loan or credit card company may accept this final payment because recovering some money is better than recovering none.
As we close in on the debt limit, with Obama insistent that he will not give in to hostage-taking, there is a growing chorus of voices on the right insisting that the whole debt limit thing is scare tactics from the administration, and that hitting the limit will be no big deal.
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Fearing the real possibility of a default (something that never seemed to concern the Republicans), the president stayed largely mild-mannered through the whole debt-ceiling hostage ordeal.
The whole debt-ceiling farrago has demonstrated just how difficult it will be to achieve significant medium-term consolidation incorporating both entitlement cuts and tax increases given America's truly dysfunctional political system.But, like my colleague, I doubt that a credit downgrade would be disastrous.
Refinancing can limit the damage, but the whole debt-for-diploma concept is wrong.
The whole debt-for-diploma system needs to be blown up.
"That creates a spillover effect into Portugal and Spain and raises the whole sovereign debt issue".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com