According to government sources, between 1964 and 1974 such loans averaged about 6.5 percent of all foreign borrowing.

What about the case that foreign borrowing and investment is bad?

America cannot continue "financing folly and mistakes with foreign borrowing," he said.

By the 1950s this had led to large governmental deficits and excessive foreign borrowing.

Because the country has taken a conservative approach to foreign borrowing, its deficits and debts are modest.

The United States has not used its foreign borrowing for new investment.

That surplus is what makes it possible for the world's fastest-growing economy to finance its development without foreign borrowing.

But our trade deficit is far more likely caused by our foreign borrowing than the other way around.

Irish banks' foreign borrowings rose from €15bn to €110bn in 2004-08.

But this growth depends on continued foreign borrowing, which has been threatened by chronic inflation.