This suggests you can adjust GDP for debt by subtracting deficit (w or w/o inflation). Seems odd? Why not interest? seekingalpha.com/article/147332
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i think because deficit already has interest payments. Total deficit = primary deficit + sovereign interest payments.
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hmm... okay. But shouldn't you should subtract face value in maturation year, not primary deficit in issue year for $-bonds?
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...never re-paid. It can decline as % of GDP, but usually it's just rolled over rather than paid down. Plus, sovereigns issue across...
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so procedurally, holders of old bonds simply get issued new bonds with face value, new date, that they can then sell?
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Individual holder does not. System as a whole does, And because the system does, the dynamic you suggest holds for some institutions.
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I've never bought bonds directly, only as part of blended funds. Might try just to understand process.

