But it also needs, more significantly, to come clean on how the initiative is to be paid for, particularly in so far as it involves the reduction of multilateral debts.

ECONOMIST: Right on debt

One snag is that the purchases would tend to drive up the market price, so limiting the reduction of Greece's debts.

ECONOMIST: Why the debt crisis is so hard to resolve

Now there is a whole different debate about whether this remarkable show of faith by investors in the ability of Britain to repay its very big debts is the result of George Osborne's deficit reduction programme or whether it shows that he has more wriggle room than he believes to slow the pace of deficit reduction.

BBC: Investors love the UK but not its banks

But household debts have declined nowhere near enough, and the pace of household debt reduction is slowing.

CNN: Romney did Obama a huge favor

Alarmed by Japan's rapidly mounting debts, the ministry wants any reduction in the corporate tax rate to be balanced by a broadening of the tax base.

ECONOMIST: Tax reform runs late