And since Schiff sees the dollar continuing to wilt, foreign debt is more than a wise short-term strategy.
Firstly it meant that a significant proportion of the foreign debt was in practice written off.
It notes that the country's burgeoning reserves now almost equal its entire foreign debt.
There are ideas too for swapping some of Russia's foreign debt for a faster clean-up.
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That growth relied on a state-led development model, financed with foreign debt within a semi-closed economy.
Indonesia has got a sizable private sector foreign debt which has to be rescheduled.
Some emerging economies, especially those that relied on foreign debt finance, will face prolonged problems.
And, barring a global meltdown, Brazil should be easily able to manage its foreign debt.
The country is considered to be at risk of defaulting on its foreign debt.
He had rejected their conditions, and in 1982 had suspended payments on the foreign debt.
But at least its foreign debt pays about three-and-a-half percentage points more in yield than Romania's.
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Payouts from the International Monetary Fund (IMF) and a restructuring of foreign debt encouraged a fragile recovery.
Last year, there were six developing market foreign debt upgrades for every one upgrade of developed market debt.
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Our budget deficit is very low, our foreign debt is very low, and our financial stability is great.
The foreign debt was consolidated into a few banks, which then went broke.
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Finding the cash will be hard, given Mr Toledo's promises to maintain economic stability and honour the foreign debt.
Both Argentina and Mexico have restructured their foreign debt, lengthening its repayment term.
Its foreign-exchange reserves are now four times as large as its short-term foreign debt, and it has a current-account surplus.
The economic manifestations of this calamity are a worthless currency, roaring inflation, burgeoning foreign debt, acute petrol shortages and fearsome unemployment.
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By then, interest rates were beginning to fall, capital outflows were slowing and some short-term foreign debt was being repaid or restructured.
Wages and living standards are rising, the last foreign debt is about to be repaid, and most exchange controls have been abolished.
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By some calculations, even if Russia paid not a penny of interest on its foreign debt, the government's budget would still not balance.
Government spending has risen by over 50% this year, and although foreign debt has been kept under control, internal debt has risen alarmingly.
Technology companies usually are not highly geared, since they are capitalized more through equity than debt and usually have very little foreign debt.
Bad news at a time when the Western banks that fund a lot of foreign debt are still reeling from the 2008 financial crisis.
It has brought political and economic stability, says Zie Gariyo, who runs the Uganda Debt Network, which campaigns for the forgiveness of foreign debt.
Foreign debt to GDP ratios reached as high as 167% and the International Monetary Fund was obliged to step in with a rescue package.
And you showed the same shrewd timing with other foreign debt.
In Russia's case, the answer is to plead poverty, negotiate a thumping write-down of one chunk of its foreign debt, and start talks on another.
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