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Moody’s warns of ‘social unrest’ as sovereign debt spirals
Posted By admin On December 16, 2009 @ 9:53 am In Money Watch | Comments Disabled
London Telegraph 
Wednesday, December 16, 2009
Britain and other countries with fast-rising government debts must steel themselves for a year in which “social and political cohesiveness” is tested, Moody’s warned.
In a sombre report on the outlook for next year, the credit rating agency raised the prospect that future tax rises and spending cuts could trigger social unrest in a range of countries from the developing to the developed world.
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It said that in the coming years, evidence of social unrest and public tension may become just as important signs of whether a country will be able to adapt as traditional economic metrics. Signalling that a fiscal crisis remains a possibility for a leading economy, it said that 2010 would be a “tumultuous year for sovereign debt issuers”.
It added that the sheer quantity of debt to be raised by Britain and other leading nations would increase the risk of investor fright.
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