1) Fiscal Deficit = primary deficit + interest payments

2) Nominal debt change = primary deficit + interest payments − (sovereign rights + privatisation)

3) Interest payments = nominal interest rate * nominal debt

4) The faster the economy grows, the lower the debt to GDP ratio remains.

5) If part of the debt is denominated in dollars, then a nominal revaluation (or devaluation) will increase (reduce) the debt level in local currency,

6) Moreover, the debt increases when the government is bailing out banks.