Public debt

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PUBLIC DEBT. That which is due or owing by the government.
     2. The constitution of the United States provides, art. 6, s. 1, that "all debts contracted or engagements entered into, before the adoption of this constitution, shall be as valid against the United States under this constitution, as under the confederation." It has invariably been the policy since the Revolution, to do justice to the creditors of the government. The public debt has sometimes been swelled to a large amount, and at other times it has been reduced to almost nothing.

References in periodicals archive ?
The report pointed out that the sovereign debt crisis started in Greece, then spread to Ireland, Portugal, Spain and Italy and this crunch hampered the Eurozone economic credibility and increased likelihood of a new global recession.
But the euro's rise was capped as the sovereign debt problems in the eurozone will not be settled in the near future, a senior dealer at a Japanese bank said.
One of the most timely of these issues is whether there should be an international bankruptcy court for sovereign debt.
They remind us that the issue of sovereign debt is connected with the structure of economic institutions and incentives for sound policies.
and Japanese sovereign debts have fallen, boxing in the yield gap, said Hideki Hayashi, global economist at Mizuho Securities Co.