IMHO, люди completely miss the point.
Ask Not Whether Governments Will Default, but How.
The sovereign debt crisis is not European: it is global.
And it is not over.
The idea is, that we have a global fiscal crisis.
Global crisis welfare state.
And everyone understands perfectly well that:
* commitments will reduce
* taxes Increase
best case scenario:
* change the system (how?)
* well, or demographics will improve (how?)
debt / GDP is watched precisely because, what is the state's income, this is a function of GDP and this is solvency.
service / income – it's liquidity. and temporary structure of debt.
everyone understands, that in the long term developed states are insolvent (in current conditions).
everyone understands, that in the short / medium term, developed states do not have problems with liquidity.
what are we talking about then? right, about the market. and the market deeply cares what you have with solvency / liquidity.
market, he either panics, either rejoices, or he doesn't care. and it is weakly dependent on indicators.