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The situation for Spain is less urgent, according to Deutsche Bank, because its sovereign financing needs are skewed toward the second half of the year, unlike in Portugal, where there is a risk that reserves could be used up by mid-2011.
These very countries have had the most serious sovereign financing problems.
The Slovenian government will need an additional €3 billion this year for sovereign financing and debt service.
Indeed, we have been reminded in recent weeks that sentiment can quickly shift and rekindle sovereign financing stress, leaving many sovereigns and banking systems caught in a vicious circle.
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The sovereign finances of Dubai are no cause for alarm.
Given the state of European banking and sovereign finance, it is sensible to be concerned about the potential for a large shock at any moment.
Bond yields, credit-default swap spreads, currency strength, stock markets and options volatility: none of these market measures in isolation provides a significant read on the state of sovereign finances — of the United States or any other country.
While structural issues such as regulation, sovereign finance, antitrust or citizenship restrictions on investment have various effects on the airline industry's finances, neither the private nor public sector has advanced a comprehensive analytically-based framework to optimise industry economics.The current state is a jumbled mix of archaic, incomplete or conflicting rules and objectives.
"Throughout history," writes Grant, "the financing of military conflicts has led to significant stresses on sovereign finances".
Just six months after euro-zone leaders promised to break the "vicious circle between banks and sovereigns", finance ministers on December 12th approved the legal framework for a single bank supervisor (centred on the European Central Bank).
These tests should include a deep recession scenario in Europe, as well as disruptions to sovereign debt financing.
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