Repricing of sovereign debt would be an 'earthquake' for financial markets – chief economist
The chief economist at Independent Strategy, Bob McKee, explains why a repricing of sovereign debt and defaults of advanced economies would be “logical” outcomes in the next stage of the financial crisis.
The early weeks of summer may have brought a period of calm to the financial markets after a turbulent first half of the year, but by mid-August there were signs the global economic recovery may yet hit further stumbling blocks. After surprising economists and investors with 4.4% GDP growth year-on-year in the first quarter, Japan brought a dose of reality back to the markets when it reported a measly 0.4% growth rate in Q2, well below forecasts.
Perhaps of greater significance was the message
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