The answer is debt. The pump is being primed by debt, but not by real growth.

[When an analyst asked whether slower growth in bad debt during the first quarter was] sort of a fluke, ... You know, this is a volatile business. You have some months that are up and some months that are down and what you've got to do is kind of look and say, 'What is the trend, and what do you feel about it?'

You cannot spend your way out of a recession or borrow your way out of debt... You know and we know and you know that we know that it's nonsense... The European Commission has said so. The markets say so, ... In a few months, the voters will have their chance to say so, too. They can see what the markets have seen: that you are the devalued Prime Minister of a devalued Government"

A debtor stands before you. I am one of the civilians who are in your debt. You protected our nation.

Mexico is trying to restrain the growth of spending and bring the public debt ratio down, and how they have tried to strike that balance has not compromised the objective of bringing the debt ratio down.

This isn't for capital projects like roads and bridges. It's for private groups. A lot of this is taxpayer-supported debt going to the private sector. In some cases it might be warranted, but our very basic recommendation is to let people know what it is.