At the mercy of the markets

Despite evidence of economic growth, our borrowings are such that we are still hugely vulnerable

15th May, 2010

So, are we back to where we started? Last Friday, stock markets were falling again, the euro was collapsing and government bond markets were starting to show the strain again.

Just a few days after the EU and the International Monetary Fund announced a massive rescue programme, and the European Central Bank poured into the market to buy government bonds, doubts were returning. By mid-week, the markets were looking dodgy and last Friday, the euro...

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