Rethinking sovereign risk
Banking is built on trust. Depositors entrust their money in the hands of strangers in the belief the money will be there when needed. This is as true for central banks as it is for commercial banks. That trust takes generations to build and has allowed some sovereigns to run loose monetary and fiscal policy with limited inflation. Investors are happy to hold the liabilities of their banking system. But two recent events are eroding that trust and will force a fundamental revaluation of
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