UK PRESS: The FT’s Lex Column reminds that EU countries have almost
doubled their short-term debt since 2007 to about 11 per cent of the
total outstanding. The paper says rolling over such debts, worth more
than E800bn this year, increases the chances of a blow-up. However, Lex
notes the most vulnerable are not the “usual suspects”. The UK must roll
over debt worth 5 per cent of output this year. Spain, at 12 per cent,
and Greece, at 13 per cent, are in the middle of the range. But Belgium,
Italy and Ireland, at about 20 per cent apiece, may be vulnerable. In
extremis, this could translate into a liquidity crisis, or “buyers
strike,” Lex adds.