Europe Says<p><a href="https://www.europesays.com/2019857/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="">europesays.com/2019857/</span><span class="invisible"></span></a> IMF says tariff pressures to push global public debt past pandemic levels <a href="https://pubeurope.com/tags/business" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>business</span></a> <a href="https://pubeurope.com/tags/DefenseSpending" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>DefenseSpending</span></a> <a href="https://pubeurope.com/tags/EconomicPressures" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EconomicPressures</span></a> <a href="https://pubeurope.com/tags/Economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economy</span></a> <a href="https://pubeurope.com/tags/FiscalDeficits" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FiscalDeficits</span></a> <a href="https://pubeurope.com/tags/GlobalGDP" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GlobalGDP</span></a> <a href="https://pubeurope.com/tags/GovernmentBudgets" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GovernmentBudgets</span></a> <a href="https://pubeurope.com/tags/InternationalMonetaryFund" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>InternationalMonetaryFund</span></a> <a href="https://pubeurope.com/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a> <a href="https://pubeurope.com/tags/VitorGaspar" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>VitorGaspar</span></a></p>
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#publicdebt
1 post · 1 participant · 0 posts today
UK<p><a href="https://www.europesays.com/uk/26491/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="">europesays.com/uk/26491/</span><span class="invisible"></span></a> We will not default in loan repayment <a href="https://pubeurope.com/tags/Business" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Business</span></a> <a href="https://pubeurope.com/tags/default" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>default</span></a> <a href="https://pubeurope.com/tags/Economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economy</span></a> <a href="https://pubeurope.com/tags/Finance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Finance</span></a> <a href="https://pubeurope.com/tags/JOHNMBADI" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>JOHNMBADI</span></a> <a href="https://pubeurope.com/tags/NdindiNyoro" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>NdindiNyoro</span></a> <a href="https://pubeurope.com/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a> <a href="https://pubeurope.com/tags/StarNews" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>StarNews</span></a> <a href="https://pubeurope.com/tags/StarNewsKenya" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>StarNewsKenya</span></a> <a href="https://pubeurope.com/tags/TheStar" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheStar</span></a> <a href="https://pubeurope.com/tags/TheStarNewspaper" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheStarNewspaper</span></a> <a href="https://pubeurope.com/tags/UK" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>UK</span></a> <a href="https://pubeurope.com/tags/UnitedKingdom" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>UnitedKingdom</span></a></p>
Europe Says<p><a href="https://www.europesays.com/2001902/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="">europesays.com/2001902/</span><span class="invisible"></span></a> We will not default in loan repayment <a href="https://pubeurope.com/tags/business" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>business</span></a> <a href="https://pubeurope.com/tags/default" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>default</span></a> <a href="https://pubeurope.com/tags/Economy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Economy</span></a> <a href="https://pubeurope.com/tags/Finance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Finance</span></a> <a href="https://pubeurope.com/tags/JOHNMBADI" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>JOHNMBADI</span></a> <a href="https://pubeurope.com/tags/NdindiNyoro" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>NdindiNyoro</span></a> <a href="https://pubeurope.com/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a> <a href="https://pubeurope.com/tags/StarNews" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>StarNews</span></a> <a href="https://pubeurope.com/tags/StarNewsKenya" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>StarNewsKenya</span></a> <a href="https://pubeurope.com/tags/TheStar" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheStar</span></a> <a href="https://pubeurope.com/tags/TheStarNewspaper" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>TheStarNewspaper</span></a></p>
Miguel Afonso Caetano<p>"In the case that concerns us here, the request to the IMF for a loan violates not only the National Constitution but also Law 27,612, passed in 2021, whose second article states that “any financing program or public credit operation carried out with the IMF, as well as any extension of the amounts – in addition to terms and conditions – of such programs or operations, shall require a law of the Honorable Congress of the Nation that expressly approves it.” In short, Javier Milei’s government is acting in open violation of the Constitution and the laws of this country, something that prima facie would violate the IMF’s own regulations, whose Board, if it did not take this situation into account, would become an accomplice in a violation of the Constitution and the laws of Argentina.</p><p>In view of this accumulation of irregularities, the debt that Argentina may contract becomes an “odious debt” not enforceable by the eventual creditors, in this case the IMF. This is something that has been sustained by US jurisprudence since the end of the 19th century up to the present day. "</p><p><a href="https://socialistproject.ca/2025/03/open-letter-to-kristalina-georgieva-imf/" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">socialistproject.ca/2025/03/op</span><span class="invisible">en-letter-to-kristalina-georgieva-imf/</span></a></p><p><a href="https://tldr.nettime.org/tags/IMF" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>IMF</span></a> <a href="https://tldr.nettime.org/tags/Argentina" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Argentina</span></a> <a href="https://tldr.nettime.org/tags/Milei" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Milei</span></a> <a href="https://tldr.nettime.org/tags/Authoritarianism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Authoritarianism</span></a> <a href="https://tldr.nettime.org/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a> <a href="https://tldr.nettime.org/tags/OdiousDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>OdiousDebt</span></a></p>
Emeritus Prof Christopher May<p>'fiscal credibility' cont'd:</p><p>The UK has no record of defaults & is very unlikely to now, so the real issue is yield (price of bonds). The lower the price the higher the yield of existing bonds on the secondary market, and the higher the interest rate that would need to be offered on new issues to 'encourage' buyers.</p><p>This comes down to better profits for investors - so the judgement of 'bond vigilantes' is all about their profits when they spot political weakness!</p><p><a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a> <a href="https://zirk.us/tags/politics" class="mention hashtag" rel="tag">#<span>politics</span></a> <br />2/2</p>
Emeritus Prof Christopher May<p>This week, you're going to hear a lot about 'fiscal credibility' & the 'bond market sentiment'.... to translate:</p><p>Investors who buy/deal in public debt are expected to judge Rachel Reeves Spring Statement by how it will support growth, & importantly produce an economy without an inflation 'problem'.</p><p>Bond holders want a stable currency for their assets (Gilts/public debt) so interest payments hold their value & a clear indication of no default.</p><p>1/2</p><p><a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a> <a href="https://zirk.us/tags/Politics" class="mention hashtag" rel="tag">#<span>Politics</span></a></p>
Emeritus Prof Christopher May<p>The next time someone tells you that the UK public debt service costs are unsustainable & as a result cuts are required to public sector budgets (such as welfare or health) you might want to show them the chart below, which shows the UK is both below the OECD average & well below the proportion paid by the USA.</p><p>Such claims are not economics but political cover for cuts they want to make regardless of any fiscal rules or claims for probity!</p><p>Just sayin'</p><p><a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a> <a href="https://zirk.us/tags/politics" class="mention hashtag" rel="tag">#<span>politics</span></a></p>
Miguel Afonso Caetano<p>"La France Insoumise MP David Guiraud told Jacobin in January that France’s manufactured deficit crisis was part of a premeditated plan to cut social spending.</p><p>“French capitalists have never tolerated social security,” Guiraud said then. “When it was created . . . it was hundreds of billions of euros which escaped the logic of the private sector, hundreds of billions of euros which they couldn’t make a profit off of. They know that they’re breaking social security. They know it. I think they do it deliberately for the most part.”</p><p>Boosting military spending while trying to maintain “fiscal discipline” will result in the same thing. A column by Janan Ganesh in the Financial Times on March 5 titled “Europe must trim its welfare state to build a warfare state” gave away the game even more directly.</p><p>“[T]he welfare state as we have known it must retreat somewhat: not enough that we will no longer call it by that name, but enough to hurt,” Ganesh wrote.</p><p>The threat of war is a useful motive.</p><p>“Chronic discomfort isn’t enough,” Ganesh elaborated. “An element of real fear has to come in, as perhaps it has now.”"</p><p><a href="https://jacobin.com/2025/03/france-eu-defense-spending-austerity" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">jacobin.com/2025/03/france-eu-</span><span class="invisible">defense-spending-austerity</span></a></p><p><a href="https://tldr.nettime.org/tags/EU" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EU</span></a> <a href="https://tldr.nettime.org/tags/France" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>France</span></a> <a href="https://tldr.nettime.org/tags/Macron" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Macron</span></a> <a href="https://tldr.nettime.org/tags/RadicalCentrism" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>RadicalCentrism</span></a> <a href="https://tldr.nettime.org/tags/Rearmament" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Rearmament</span></a> <a href="https://tldr.nettime.org/tags/WarfareState" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>WarfareState</span></a> <a href="https://tldr.nettime.org/tags/WelfareState" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>WelfareState</span></a> <a href="https://tldr.nettime.org/tags/Austerity" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Austerity</span></a> <a href="https://tldr.nettime.org/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a></p>
Headlines Africa<p>Africa: Corruption, Budget Inefficiencies Threaten Africa's Financial Stability - Minister Musasizi: [Nile Post] Minister of State for Finance in charge of General Duties, Henry Musasizi has emphasized public debt sustainability as a major concern across Africa, where many countries struggle to balance development financing with manageable debt levels. <a href="http://newsfeed.facilit8.network/TJ3Zfh" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">http://</span><span class="ellipsis">newsfeed.facilit8.network/TJ3Z</span><span class="invisible">fh</span></a> <a href="https://journa.host/tags/Africa" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Africa</span></a> <a href="https://journa.host/tags/Corruption" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Corruption</span></a> <a href="https://journa.host/tags/FinancialStability" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>FinancialStability</span></a> <a href="https://journa.host/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a> <a href="https://journa.host/tags/BudgetInefficiencies" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BudgetInefficiencies</span></a></p>
Strypey<p>"Public sector net debt excluding public sector banks was provisionally estimated at 98.5% of gross domestic product (GDP) at the end of September 2024 ..."</p><p><a href="https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/september2024" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://www.</span><span class="ellipsis">ons.gov.uk/economy/governmentp</span><span class="invisible">ublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/september2024</span></a></p><p>Meanwhile in Aotearoa;</p><p>"Net core Crown debt is currently 44 per cent of GDP - around the same as it was in the mid-1990s."</p><p><a href="https://budget.govt.nz/budget/2024/bps/fiscal-strategy-debt.htm" rel="nofollow noopener noreferrer" translate="no" target="_blank"><span class="invisible">https://</span><span class="ellipsis">budget.govt.nz/budget/2024/bps</span><span class="invisible">/fiscal-strategy-debt.htm</span></a></p><p>... when Bolger's National were in government, selling public infrastructure.</p><p>Sooo ... why are NatACT First freaking out about public debt?</p><p><a href="https://mastodon.nzoss.nz/tags/NZPolitics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>NZPolitics</span></a> <a href="https://mastodon.nzoss.nz/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a></p>
Europe Says<p><a href="https://www.europesays.com/1769059/" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="">europesays.com/1769059/</span><span class="invisible"></span></a> Italy’s public debt tops 3 trillion euros, highest on record <a href="https://pubeurope.com/tags/BankOfItaly" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BankOfItaly</span></a> <a href="https://pubeurope.com/tags/italy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>italy</span></a> <a href="https://pubeurope.com/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a></p>
Emeritus Prof Christopher May<p>While a lot of the discussion in the UK press about the rising yield (falling price) of Gilts (Govt. debt) is focussed on the impact on Labour's fiscal plans, its worth being clear that that this is not entirely market traders judgement on those fiscal plans, but rather reflects (also) a wider shift in the yield on public debt across the world.</p><p>In other words, while there are UK-only factors at play, it is myopic to think they are the *oinly* factors here</p><p><a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a> <br /><a href="https://theconversation.com/uk-borrowing-costs-have-hit-their-highest-level-since-the-banking-crisis-an-economist-explains-whats-happening-247122" target="_blank" rel="nofollow noopener noreferrer" translate="no"><span class="invisible">https://</span><span class="ellipsis">theconversation.com/uk-borrowi</span><span class="invisible">ng-costs-have-hit-their-highest-level-since-the-banking-crisis-an-economist-explains-whats-happening-247122</span></a></p>
Emeritus Prof Christopher May<p>The UK's public borrowing cost has just edged past the previous peak which sank Liz Truss & Kwasi Kwarteng's budget plans; reaching a level not seen for over 25 years.</p><p>This looks like a 'buyers strike' with bond investors likely waiting to see how things pan out with Rachel Reeves' budget.... or one might see this as the old story of Bond Vigilantes turning on Labour despite their assiduous efforts to charm bankers?</p><p>Either way it makes Labour's spending plans more difficult!</p><p><a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a></p>
Emeritus Prof Christopher May<p>If you're not sure about Rachel Reeves' shift i the fiscal rules governing what counts as public debt for the purposes of assessing the levels & sustainability of state borrowing, here's Chris Parry's account of the change(s) which should help a bit....</p><p><a href="https://zirk.us/tags/FiscalRules" class="mention hashtag" rel="tag">#<span>FiscalRules</span></a> <a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a> </p><p><a href="https://theconversation.com/what-counts-as-national-debt-and-assets-now-heres-how-to-understand-the-uks-redefined-fiscal-rules-242652" target="_blank" rel="nofollow noopener noreferrer" translate="no"><span class="invisible">https://</span><span class="ellipsis">theconversation.com/what-count</span><span class="invisible">s-as-national-debt-and-assets-now-heres-how-to-understand-the-uks-redefined-fiscal-rules-242652</span></a></p>
Europe Says<p><a href="https://www.europesays.com/1591368/" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="">europesays.com/1591368/</span><span class="invisible"></span></a> Italy urges EU support for NATO spending amid budget rule clash – Firstpost #2%GDPTarget <a href="https://pubeurope.com/tags/BondIssuance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BondIssuance</span></a> <a href="https://pubeurope.com/tags/BrothersOfItalyParty" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>BrothersOfItalyParty</span></a> <a href="https://pubeurope.com/tags/DefenceSpending" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>DefenceSpending</span></a> <a href="https://pubeurope.com/tags/EUGovernance" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EUGovernance</span></a> <a href="https://pubeurope.com/tags/europe" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>europe</span></a> <a href="https://pubeurope.com/tags/EuropeanDefenceFunding" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EuropeanDefenceFunding</span></a> <a href="https://pubeurope.com/tags/EuropeanFiscalRules" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EuropeanFiscalRules</span></a> <a href="https://pubeurope.com/tags/EuropeanUnion" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>EuropeanUnion</span></a> <a href="https://pubeurope.com/tags/GiancarloGiorgetti" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GiancarloGiorgetti</span></a> <a href="https://pubeurope.com/tags/GiorgiaMeloni" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GiorgiaMeloni</span></a> <a href="https://pubeurope.com/tags/GuidoCrosetto" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>GuidoCrosetto</span></a> <a href="https://pubeurope.com/tags/italy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>italy</span></a> <a href="https://pubeurope.com/tags/ItalyDefenceBudget" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>ItalyDefenceBudget</span></a> <a href="https://pubeurope.com/tags/NATOSpending" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>NATOSpending</span></a> <a href="https://pubeurope.com/tags/NATOTargets" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>NATOTargets</span></a> <a href="https://pubeurope.com/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a> <a href="https://pubeurope.com/tags/RussiaUkraineWar" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>RussiaUkraineWar</span></a> <a href="https://pubeurope.com/tags/U" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>U</span></a>.S.DefencePressure</p>
Emeritus Prof Christopher May<p>So while not engendering Liz Truss style bond-market jitters, nonetheless bond traders seem to have taken the view that Rachel Reeves will need to raise more money (via the bond markets) than is currently expected.... this has led to a dip in prices (as the 'supply' of debt is expected to increase) & a rise in yields.</p><p>Whether this troubles Reeves is another issue, but does suggest traders were not quite as relaxed about Reeves' budget as many thought they would be.</p><p><a href="https://zirk.us/tags/budget" class="mention hashtag" rel="tag">#<span>budget</span></a> <a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a><br />h/t FT</p>
Emeritus Prof Christopher May<p>So Rachel Reeves will tell the IMF today that the UK's fiscal rules are going to change (again) & while not specifying ahead of next week's budget exactly what the change will entail, it appears it will see public debt re-calculated using a public sector net financial liabilities (PSNFL) framework.</p><p>By including both liabilities *and* assets, it produces a lower figure for public debt, thereby allowing more public sector borrowing for investment!</p><p><a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a> <a href="https://zirk.us/tags/FiscalRules" class="mention hashtag" rel="tag">#<span>FiscalRules</span></a><br /><a href="https://www.theguardian.com/business/2024/oct/23/reeves-to-announce-major-change-to-fiscal-rules-releasing-50bn-for-spending" target="_blank" rel="nofollow noopener noreferrer" translate="no"><span class="invisible">https://www.</span><span class="ellipsis">theguardian.com/business/2024/</span><span class="invisible">oct/23/reeves-to-announce-major-change-to-fiscal-rules-releasing-50bn-for-spending</span></a></p>
Europe Says<p><a href="https://www.europesays.com/1558919/" rel="nofollow noopener noreferrer" target="_blank"><span class="invisible">https://www.</span><span class="">europesays.com/1558919/</span><span class="invisible"></span></a> IMF: Greece’s Public Debt to Drop Nearly 30% Points by 2029 <a href="https://pubeurope.com/tags/greece" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>greece</span></a> <a href="https://pubeurope.com/tags/IMF" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>IMF</span></a> <a href="https://pubeurope.com/tags/PublicDebt" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>PublicDebt</span></a> <a href="https://pubeurope.com/tags/%CE%95%CE%BB%CE%BB%CE%AC%CE%B4%CE%B1" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>Ελλάδα</span></a> <a href="https://pubeurope.com/tags/%CE%BD%CE%B5%CE%B1" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#<span>νεα</span></a></p>
Emeritus Prof Christopher May<p>You may have spotted headlines that the IMF has (marginally) raised its forecast for UK GDP growth next year....</p><p>well, this is based on the BoE further reducing (and quickly) interest rates, as well as Rachel Reeves 'controlling' public debt.</p><p>As you know I think the former continues to be unlikely & the latter may well behind a less expansive budget than would be required to really stimulate a revival of economic activity.</p><p><a href="https://zirk.us/tags/InterestRates" class="mention hashtag" rel="tag">#<span>InterestRates</span></a> <a href="https://zirk.us/tags/PublicDebt" class="mention hashtag" rel="tag">#<span>PublicDebt</span></a> <a href="https://zirk.us/tags/IMF" class="mention hashtag" rel="tag">#<span>IMF</span></a></p>
Emeritus Prof Christopher May<p>Its increasingly clear that Rachel Reeves will use the Autumn Budget to redefine how the UK's public debt is defined in the fiscal rules (which she is committed to).... (and see <span class="h-card" translate="no"><a href="https://econtwitter.net/@sjwrenlewis" class="u-url mention">@<span>sjwrenlewis</span></a></span> post from yesterday).</p><p>But the next Q. is how (using which method) will the debt be redefined.</p><p>The metric decided on will make a massive difference to her fiscal headroom & the shape of Labour's austerity and infrastructure investments.</p><p>But it also establisihes its all about political choice!</p><p><a href="https://zirk.us/tags/publicdebt" class="mention hashtag" rel="tag">#<span>publicdebt</span></a></p>
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