Report title: How Far Can Aaa Governments Stretch Their Balance Sheets?
from Moody's Global Credit Research
29 page (12953 word) report published Feb 12, 2009

Price $550.00 available for immediate download
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...Over the past few months, the balance sheets of the governments of most advanced economies have suffered a succession of shocks as a consequence of the global financial crisis and ensuing global recession. The boundaries of government balance sh eets have expanded as public authorit ies have lent and continue to lend support to an ever-broader range of counterparties. Contin gent liabilities have balloon ed as governments have granted guarantees to bank borrowing, and now to other private sector debt. The severe economic slowdown is affecting tax revenues an d resulting in a sharp rise in public deficits and debt. Finally, and perhaps most importantly, questions arise as to whether the growth potential of some countries has undergone a lasting impairment, with negative consequences for their governments tax-raising ability. Overall, the quality of the governments balance sheets has deteriorated everywhere, with a reduction and increased volatility of government net...

Report Type: Special Comment
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