There's never been a better time to be deep in debt.
A dearth of safe assets, low rates and central bank purchases are keeping bond yields low and are likely to continue doing so for years to come. But governments are missing out on this opportunity to finance investments, partly because of their focus on gross debt-to-GDP ratios.
By William Keegan*
When I suggested before the election that an ideal outcome would be a hung parliament and a coalition to think again on Brexit, I was certainly not thinking of the DUP. But, as Harold Macmillan once said: “Here we are, and the question is: Where do we go from here?”
Senior International Monetary Fund (IMF) officials have rejected claims that the organization is seeking to impose more austerity on Greece, in a sign of tension over whether the fund will join the eurozone’s €86 billion bailout of the country.
Greek labor unions are set to take a three-day general industrial action to vent their anger at a new round of austerity measures demanded by international lenders under the cash-strapped country’s third bailout package.
Chancellor of the Exchequer George Osborne presented the British government’s annual budget, which contains more austerity measures, to the House of Commons Wednesday, saying the UK economy will grow more slowly than expected in 2016.