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ABCON said: “The fact that remarkable economic recovery is not certain and the rather unstable state of financial markets is indicating that the country could be on the verge of a major debt crisis.” In its recommendations on how to tackle the rising profile of the nation’s public debt, the association said: “There is therefore a serious need for the introduction of fiscal reforms that would scale down government spending and to consider restructuring the loan profile and especially properly examine the conditions tied to Chinese denominated debts. “We recommended a season of economic austerity to replace the increased debt pile-up for the coming generation.

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