'An explosion of sovereign debt'
The chief economist at Independent Strategy, Bob McKee, explains why a repricing of sovereign debt and defaults of advanced economies would be “logical” outcomes in the next stage of the financial crisis. By Rob Davies
The early weeks of summer may have brought a period of calm to the financial markets after a turbulent first half of the year, but by mid-August there were signs the global economic recovery may yet hit further stumbling blocks. After surprising economists and investors with 4.4% GDP growth year-on-year in the first quarter, Japan brought a dose of reality back to the markets when it reported a measly 0.4% growth rate in the second quarter, well below forecasts.
Perhaps of greater significance
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