Forget the broken banking system
Even governments face supply constraints
In early December 2008, Société Générale compiled wide-ranging forecasts for euro-denominated debt capital markets issuance in 2009. Even while recognizing that extreme nervousness might close the markets down at various points this year, and basing its central estimate on markets being open for just nine months out of 12, the bank still expects €1.5 trillion of debt issuance, almost a return to the 2007 volume of €1.602
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