What We Owe

Famed international economist Carlo Cottarelli explains public debt the IOUs governments issue to keep the machinery of government running. Where does public debt originate? Why is it so difficult to reduce? Why is it so important for a nation's economy? Can nations live with debt, and how? Is it possible to eliminate public debt? Drawing on his roles as director of fiscal affairs and executive director for Italy at the International Monetary Fund, and as commissioner of public spending reform in Italy, Cottarelli brings a wealth of direct experience, especially of the crises generated by public debt, including in Italy and Greece, and their solutions: from the orthodox (austerity) to the more combative (""I won't pay you"), to more realistic, long term, growth-focused solutions. Cottarelli provides an essential, bias-free guide to public debt. He describes the different forms of debt in countries across the globe and illustrates what experts know and do not know about it, its perils and its solutions. A must-read to understand one or the main issues in today's global economy.