The ‘get-out-of-debt’ card that may worry bond investors
A new paper analyses the controversial tool that governments may be forced to deploy to control borrowing costs
The “Bloquons tout” placards carried by protesters in Paris in recent days are a call to barricade everything. The phrase might seem also to encapsulate the deadlock facing France and other indebted nations. Everywhere, the paths of political compromise that could lead to budgetary sustainability seem impassable.
France’s debt ratio reached 113% last year. In September, François Bayrou became the
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