UK DMO stresses need for consistency

Consistency rules

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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 r