LONDON - Huge debt piles among the world's biggest economies are starting to unnerve financial markets again, as elections cloud the fiscal outlook.
A leftist alliance ultimately won and a hung parliament may limit its spending plans but could also hamper any action to strengthen France's finances. That would mean "we can get another round of fiscal stimulus... from a starting point in which the deficit is 6% of GDP," said Legal & General Asset Management's head of macro strategy Chris Jeffery.
Home renovation incentives costing over 200 billion euros since 2020 will put upward pressure on Italian debt for years. The EU executive projects debt rising to 168% of output by 2034 from 137% now. That's not an immediate worry, because the bulk of Japanese debt is domestically owned, meaning those investors are less likely to flee at the first signs of stress. Overseas investors hold just about 6.5% of the country's government bonds.
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