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The present paper investigates the nature and essence of the state’s debt policy and identifies patterns that contribute to the default. It assesses the status and the effectiveness of public debt management both in Russia and several European countries. The paper suggests a number of specific measures and instruments of economic, legal and administrative measures aimed at improving the efficiency of public debt management and minimizing the risk of default. A methodological basis of the study that has served as a dialectical approach, reveals a possibility of studying debt management policies and a study group’s practices of dealing with a state debt. A systematic approach to the subject of the study has revealed the existing connections and interdependence between the implementation of debt policy and the process of public debt management. The paper uses some data from the Eurostat and the Rosstat, allowing the complex to investigate the dynamics of basic indicators of the government’s debt in Russia and the Eurozone. Based on some determined patterns, the paper identifies the main positive and negative trends of public debt management in the surveyed countries. The assessment of key indicators of the current state of a debt, has revealed a number of contradictions that have a negative impact on the debt burden, which in its turn increases the likelihood of a default. The basic steps to improve the efficiency of public debt management relate to legal aspects and financial planning in conjunction with a skillful use of an administrative resource.

Consequences of Ineffective Policies and a Risk of Default in Russia and the Eurozone