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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
This year's Symposium was organized under the theme 'The Rising African Sovereign Debt: Implication for Monetary Policy and Financial Stability'.
The Governor of the National Bank of Rwanda and the Vice-Chairperson of AACB, John Rwangombwa said that Africa's rising sovereign debt should be not be taken as a unique problem to Africa noting that many Global economies are facing the challenge of rising sovereign debt as data from the International Monetary Fund (IMF) shows.
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.
(I use the word "situation" to incorporate not just external sovereign debts, and not just sovereign debts, but at least the full and diverse range of circumstances experienced in the eight principal external financial crises of the past decade.) For countries to do so, both the international financial community (acting through the IMF) and, more important, the debtor country itself would have to agree that the country's external financial situation is unsustainable.
One of the most timely of these issues is whether there should be an international bankruptcy court for sovereign debt. Two of the three papers in this symposium, those by Bulow and Sachs, provide brief answers to that question within a more expansive essay on what is wrong with the international financial system.
and Japanese sovereign debts have fallen, boxing in the yield gap, said Hideki Hayashi, global economist at Mizuho Securities Co.
dollar and the yen Monday in Tokyo due to a recent series of negative news about the eurozone's sovereign debt problems.

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