UK DMO stresses need for consistency
With government budget deficits growing rapidly across Europe and in the US, sovereign debt issuance is facing ever more scrutiny. Robert Stheeman, chief executive of the UK’s Debt Management Office, talks to Michael Watt about the challenges he faces and the impact of new regulation
Investors were last year forced to reconsider what had, until then, been a rock-solid assumption: that eurozone government debt is risk-free. The rescues of Greece in May and Ireland in November drummed home that debt-laden sovereigns were vulnerable, resulting in a raft of stability measures, including the European Financial Stability Facility (EFSF) – a vehicle that will issue eurozone member-guaranteed bonds to finance the bail-out of struggling countries.
The impact of these measures could
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