Flood of sovereign debt drowns out corporate bonds

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Bailing out the financial sector and setting up initiatives to stimulate the economy haven’t come cheap in the US or Europe, and most governments are still sorting out the bill. Added to that, governments have generally been unwilling to jeopardise the economic recovery by hiking taxes, leading to a drop in public revenues and a rise in fiscal deficits.

The International Monetary Fund estimates the cost to governments of the bailout at more than $10 trillion, including capital injections to

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