He argued that UK gilts are unusual because the government's ability to refinance nearly £3 trillion in public debt depends on US-based financial institutions borrowing dollars to buy British bonds, which they then use as collateral domestically.
A Greek bailout architect likened the British Prime Minister's job to rearranging deck chairs on the Titanic, highlighting the precarious nature of the UK's financial situation. He noted that the government's ability to refinance nearly £3 trillion in public debt hinges on…
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