As I recall, we made the transition from a net creditor country to a net debtor country in 1985.

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Moody's, a credit-rating agency, shocked Japan by placing it under review for a possible credit downgrade, even though Japan is the world's biggest creditor country.

ECONOMIST: Cross-currents

President Vladimir Putin stalled on the country's debt payments to creditor nations, before finally paying up in early March.

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Relying on vast infusions of money from the IMF could actually worsen the problems of a country like Italy, since the fund's presumed preferred-creditor status would push private bondholders further down the pecking order.

ECONOMIST: The euro zone��s rescue strategy still does not add up