Word: gdp
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Dates: during 1980-1989
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...those of the U.S.; whose fiscal policy is so paralyzed by political rivalries that its national debt is equal to its gross domestic product (vs. only 50% for the U.S.); whose debt problem is so out of hand that interest payments alone amount to 8% of GDP. Compared with this, the U.S. seems almost a model of fiscal probity...
...insolvency resides in the eye of the beholder, for there can be no doubt about the numbers. Italian governments have been abusing their credit cards for 20 years, piling debt onto debt. Only once in the past dozen years has the annual budget deficit been less than 10% of GDP. By contrast, the worst U.S. ratio was 3.8% in 1983; last year it was only 1.8%. Moreover, most of Italy's debt is short to medium term, subject to volatile interest rates. A 1% rise in short-term rates costs the government 7 trillion lire ($5.1 billion) annually in extra...
...usual, the IMF is requiring Mexico to restrain its public spending, but the country will be allowed to run a budget deficit that amounts to 10% of its gross domestic product. Earlier in the negotiations, the IMF had wanted Mexico to trim its deficit to 5% of GDP. The new loans are intended to help Mexico boost its growth rate from an estimated -4% this year to 3.5% in 1987. If the economy falls short of this goal, or if the price of oil drops below $9 per bbl., the agreement calls for additional loans. In return, Mexico pledged...