Governments issued sovereign bonds like they were going out of fashion in 2009. In many countries, extensive recapitalisation programmes for domestic banks and other measures of economic stimuli have had to be funded by a glut of newly issued debt.
In the UK, the Debt Management Office (DMO) has been tasked with borrowing a record £225.1 billion for the 2009/10 financial year, compared with £146.5 billion in 2008/09 and £58.4 billion in 2007/08.
In view of such a high financing requirement, the
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