Heavy indebtedness and debt service payments, indicated by debt magnitudes and shares to national budgets, revenues, or … in order to timely meet debt obligations. The failure to reduce indebtedness, improve national revenues, and raise …

the presence of different variables in explaining the level of indebtedness in both periods. In the first period (1991M1 …- 1998M12), only financial effort is relevant when explaining the level of indebtedness of the economic agents. In the second … statistically significant in the increase of the indebtedness level. The research supports that in the first period, the increase of …

will lead, in the end to increasing municipal indebtedness. Increasing indebtedness, as a rule, results in increasing debt …