| We have so far discussed deleveraging via so called 'belt-tightening' either proactively or reactively due to financial market stresses. |
| Based upon our analysis, 2011 will be a deleveraging period for the company. |
| The process of deleveraging still has several years to go and will slow growth. The condition of banks is another cause for concern. |
| And if a colossal worldwide deleveraging spreads to Treasury debt owned by foreigners, the situation will be deadly serious. |
| Now, however, it looks like we could be in the early stage of a deleveraging process. |
| Yet consumer-credit data suggests that it is too early for the end of deleveraging. |
