Tuesday, February 23, 2010

Right for the wrong reasons...

Greece is not a sovereign issuer. The UK is. Full comment.

"Greece would love to be able to devalue its way out of the crisis, but what really differentiates the two economies is the length of maturity of their respective outstanding sovereign debt. The UK's average maturity sits at well over 10 years, meaning it has far more wiggle room that Greece over refinancing."

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