A FRESH BREEZE IN EUROPE’S DEBT MARKETS
The flap over the radical re-ordering of the UK gifts market this month has obscured another, equally important revolution in the rest of Europe: the movement by governments – hesitantly in some cases, more boldly in others – down a similar route toward liberalization of their fund-raising mechanisms.
This shake-up of domestic state securities markets is frequently being stimulated by the US investment banks which smell profit in the inefficient, sleepy little government bond markets in Europe.
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