Labour is vulnerable to a loss of confidence among the investors who must finance the government's huge borrowing requirement.

ECONOMIST: News about recovery and inflation may sway the voters

The sheer scale of Spain's borrowing requirement will be a major test of the reawakened investor appetite for Spanish debt.

CNN: Spain escapes aid but doubts remain

That was ruled by the Treasury as falling outside the public sector borrowing requirement because it claimed the risk of default was so small.

ECONOMIST: The London Underground

Politically, this would be tempting, as continued economic growth will cut the public-sector borrowing requirement rapidly, giving a misleading impression that the underlying condition of the public finances is improving.

ECONOMIST: The economy

By deferring the debt repayments, it also means the the government's deficit - its annual borrowing requirement - will be 2bn euros per year less than it would have been over the coming 10 years.

BBC: Anglo Irish Bank debt deal gets ECB clearance

Others say that private-sector efficiency could never have compensated for its higher costs of borrowing and requirement to turn a profit.

ECONOMIST: The Tube upgrade deals: Finis | The

If the borrowing taxpayer has met the requirement, he or she would have a long-term loan to be paid back at a competitive interest rate.

FORBES: An Entrepreneurial Fix For The Jobs Crisis