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A comment on China's Subprime Crisis Is Here. Parent comment
Don't presume that the government is necessarily using the sale of lower-interest bonds to pay off the principal on its higher-interest debts.
https://www.washingtonpost.com/news/wonk/wp/2013/03/05/john-...
As long as the principal on the bond cannot be repaid out of actual revenues, every bond you sell at a negative yield is one that may have to be refinanced at a positive yield later.
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Don't presume that the government is necessarily using the sale of lower-interest bonds to pay off the principal on its higher-interest debts.
https://www.washingtonpost.com/news/wonk/wp/2013/03/05/john-...
As long as the principal on the bond cannot be repaid out of actual revenues, every bond you sell at a negative yield is one that may have to be refinanced at a positive yield later.