Public debts have surged in recent years, in advanced economies, to the levels that have not been recorded since the end of the World War II. The average public debt/GDP ratio for all advances economies has surpassed the pre-World War II peaks reached during the World War I and subsequently...

Debt issue is a highly debated topic today since many of the world economies, especially the Eurozone, hit by global financial and economic crisis, faces with high levels of deficits and debt. Credit rating agencies, due to the problems related deficits and public debt have downgraded the credit...