When developing countries run into debt crises, we in the developed world advise them, sometimes directly and sometimes through international agencies such as the IMF, to sell assets.

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New government rules say all NHS trusts must become foundation trusts by April 2014, thereby proving they can run their services without going into debt and function independently of the Department of Health.

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And because issuers are typically regulated banks, the government would probably back up the debt should a bank run into financial trouble.

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Often debts are run up because the banks and finance companies encourage people to go into debt.

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But holding credit card debt rather than medical debt could hinder your ability to get financial assistance if you run into trouble paying your bills.

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Each period is marked by a massive run up in asset prices followed by a tremendous deflationary pressure that has sent both debt and equity markets into turmoil (down).

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The result is that individuals who borrow money and run into financial problems primarily because of a business venture have been lumped in with those who loaded up on debt for consumer goodies.

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Perhaps the politicians will be shocked into action, by a euro-zone bank run, a chaotic Greek exit, or flight from Italian government debt.

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Among other things, the government plans to run a surplus of revenues over spending of 6.5% of GDP, before debt interest payments are taken into account.

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