Currently, Social Security funds run a surplus that helps to finance other parts of government.

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In Labour's second term, the chancellor has run down this surplus and borrowed heavily in order to finance a spending spree.

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It will make reform of Social Security harder by reducing the budget surplus that could have been used to finance the costs of moving from one pensions system to another.

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Sloan made a similar offer last year, when it had a surplus in its young and fast-growing master's in finance.

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Luis Arce, the finance minister, says that the government last year posted a fiscal surplus for the fifth year running, but others doubt that.

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The projections of IMF economists - that Greece may get its debt down to 129% by 2020, by running a surplus of tax receipts over spending in the short term - looks to most people in high finance like wishful thinking.

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The finance secretary told the conference that the latest official spending figures showed Scotland to be in surplus for the fourth year in a row.

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