Dear reader,
Assessing debt sustainability of a sovereign is complex and often controversial, as demonstrated by repeated disagreements between European officials and the IMF in recent years.
We provide a simplified approach to categorizing debt affordability for governments and to grasping the level at which funding costs would put debt sustainability at risk.
The simplified analysis also confirms our current baselines views that Greece requires a large further debt reduction, Portugal requires continued funding support and Ireland, Spain, Italy and Slovenia are facing elevated debt sustainability risks in the medium to longer term.
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