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.
As a country in the late stages of empire, the U.S. piled up more external debt than it can possibly repay.
"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.
The country's debt ratio the ratio between external debt and hard-currency income stands at a comfortable 75% or so, well below the 100% level that starts to ring alarm bells.
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.
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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.
Some readers may think that I slipped a gear by starting out to discuss our fiscal mess our outsized budget deficits and the resulting level of debt outstanding and ended up discussing our external deficit and debt.
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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.
While the internal contradictions of the BWS were its ultimately its down fall, the external pressures of the debt accumulation caused by Vietnam War accelerated the process of its demise.
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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.
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