More and more the market is starting to focus on global Sovereign debt issues, or put another way, the fact that most countries in the world owe more than they can ever possibly pay back. Adam Posen from the BoE spoke on this issue yesterday and the new Japanese PM will be faced with a dengerous level of debt. Can the Ponzi scheme continue and we just keep borrowing to repay old loans or will the system break down. A very big question indeed.