For the time being, it is possible for the government to raise funds at low interest rates and it is unlikely that there will be a major disruption in the supply and demand balance for JGBs. However, debts must be repaid and cannot be defaulted on.
Since the introduction of the single currency, the differences in competitiveness and economic performance have grown. These differences are partly responsible for the crisis. And we haven’t reacted sufficiently. It’s a lack of collective vigilance, but also of solidarity, because warning a neighbour that their internal imbalances risk doing them no good, that’s what solidarity is.