Sovereign debt: Debt levels are unsustainable, and nothing, as yet, has been done to improve them

By:
Clive Horwood, Peter Lee
Published on:

It is now more than four years since the financial market crisis broke out with the wholesale collapse of the US mortgage-backed securities market in the summer of 2007. It is 16 months since the European sovereign debt crisis erupted, when, with Greek bonds trading at 80% of face value, primary and secondary government bond markets seized up across the eurozone in the first week of May 2010.