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Transition Economics, Economic History, Public Debt
Due to government budget deficits in many countries for decades, government debt has become a big problem for some of these countries. This problem accelerated further after the financial crises starting at the end of 2008, a crisis that led to a low and even negative economic growth for many countries. The first part of this article gives a standard theoretical discussion of what could be meant by sustainable government debt. At the end, there is an illustration with some figures for Poland where the conclusion seems to prove the need for a reduced government budget deficit to avoid a serious government debt problem in the future.