By contrast, Greece and the eurozone's other heavy borrowers were able to borrow at interest rates that had fallen to virtually the same level as German bunds.
But it did so in a face-saving way that attracted little attention outside India — raising the borrowing cost for commercial banks that are especially heavy borrowers from the central bank.
Local governments in Japan have always been heavy borrowers.
Many heavy borrowers, Mr. Trone said, are at great risk.
Heavy borrowers in the euro zone are still paying a high price for their financing, but the Greek rescue means the money is likely to be there.
Perhaps Japan's biggest headache is that deflation makes it much harder for heavy borrowers, such as companies and the government, to outgrow their existing debts.
Banks drew some €1 trillion, or $1.3 trillion, and Italian ones were among the heaviest borrowers.
Indian firms are heavier borrowers, measured by debt-to-equity ratios, than those in any other emerging market bar Brazil, according to a recent analysis by the IMF.
New Jersey is also among the heaviest borrowers, and one of the worst performers in setting aside money to meet pension and retiree health obligations — failings that could make budgeting more painful for decades.
It also warns that borrowing appears to have risen fastest in sectors that would be most vulnerable to an economic downturn, including construction, and oil and gas; and that some of the heaviest borrowers have taken out debts in foreign currencies, which would leave them doubly exposed if rising rates coincide with a depreciation.
