`` here is the dilemma. Interest rates are low mainly because growth is non-existent. Should Europe start to grow, interest rates would be forced up and, depending on the maturity structure of the debt when this occurs, higher interest rates could cause financial distress costs to rise quickly enough to stifle growth. We are likely, in other words, to relearn the lesson of nearly every previous debt crisis in history --the debt burden itself prevents the kind of economic resurgence that allows highly indebted countries to grow their way out of debt. It is only when the debt has been written down to some manageable levels that afflicted countries ever begin again to grow.''

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