It's maintaining moderate inflation of around 11% and paying back external debt ahead of schedule.
The government paid off most of the country's external debt when oil prices were high.
But a toxic combination of external debt and collapsing confidence left the economy floundering.
However, most global trade, Asia's external debt, foreign-exchange liquidity and financial assets are still denominated in dollars.
An international outcry is no less in order now regarding the incipient EU rescheduling of Syria's external debt.
As a share of exports, for example, Latin America's external debt is more than twice as high as Asia's.
Alternatively, policymakers' tolerance of regional currencies' weakness in sympathy with the yen's decline will exacerbate the external debt situation.
More worrying, says Carlos Anderson of Lehman Brothers, an American investment bank, is the skyrocketing level of private external debt.
Despite recent improvements, the government is still juggling a sizable external debt against the urgent need for expanded public investment.
"If Latin America were able to take advantage of free trade for its produce, the region's external debt would disappear, " he said.
The improvement in ratings is underpinned by emerging-market governments' strong external balance-sheets (record levels of foreign-exchange reserves and falling external debt ratios).
It is working to reduce Iraq's external debt, which even after a round of debt forgiveness will stand at an excruciating three times GDP.
Mr Koehler said that the IMF had experience in post-conflict situations, and could help stabilise Iraq's currency, manage its external debt, and help manage its tax system.
Recent years have seen the Government's stock of debt reduced significantly - with external debt now less than half of what it was in the early 1990s.
In the short term, pay and conditions for civil servants and the army must be improved, the external debt must be serviced, and oil companies must be paid for the government's share of joint ventures.
As well as being burdened by unsustainable levels of external debt, all five economies share the misery of trying to regain lost competitive ground through internal devaluation, in which domestic costs are ground down year after year.
Acute budget and external debt strains in Greece, Italy, Ireland, Spain and Portugal are testing confidence, impacting the balance sheets of many banks, and posing political challenges to the leaders of the 17 nations that all use the Euro as their currency.
FORBES: To Save Itself, Europe Must Adopt Economic Growth Strategies
The World Conference on Human Rights calls upon the international community to make all efforts to help alleviate the external debt burden of developing countries, in order to supplement the efforts of the Governments of such countries to attain the full realization of the economic, social and cultural rights of their people.
The new rules would apply immediately to all external sovereign debt.
Nor was the government able to use fiscal policy to stimulate the economy when the recession started, because of the fragile nature of the country's external-debt position.
The housing market and the larger economy were still subject external shocks including the debt ceiling debate, the European Crisis and unexpectedly strong austerity by State and Local governments.
The country remains in a growth recession as the private sector reduces debt and the external deficit is worked down.
Domestic demand, encouraged by low interest rates, had gained too much weight in the economy, he said, inflating household debt and swelling external deficits.
The Bank of Japan and the country's law makers have said the economy is in a slump as Europe's debt crisis weighs on external demand.
Severe external pressures, such the eurozone debt crisis, weak US growth and rising oil prices, had led to a "dramatic change" in the international situation in the past six months, he acknowledged.
Right now, if Greece were to default on its debt and lose all external financing, it would be forced to immediately cut its non-interest spending from 43.9% of GDP to 39.0% of GDP.
Worse, few debt crises are purely about external sovereign bonds.
Yet I wonder: If a company accepts millions of dollars in venture capital (debt), answers to an external board, and creates something that is designed to be sold to a bigger fish, does this really help the people who work there more so than a small business?
FORBES: Why Leaders Should Share Ownership of Their Companies
With public and private external debts at record highs, many advanced economies are increasingly looking inward for public debt placements.
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