Budget deficits and a sovereign debt crisis

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Reference no: EM131303290

An article in the Wall Street Journal reported that the "Bank of England Governor Mervyn King warned Wednesday that the banking crisis has turned into a potential sovereign debt crisis, and the U.K. and other countries must tackle excessive budget deficits without delay."

What is the connection between budget deficits and a sovereign debt crisis?

Reference no: EM131303290

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