David Fuller's view This is a case of be careful when the tide flows out. We live in an artificial era of ultra low borrowing costs for most governments and corporations. It is one of the factors enabling strong companies to thrive, while weaker companies survive. Some of the latter may recover over the next few years. However, some will not when their borrowing costs rise in a few years' time. As an additional lifeline, they should try to extend their low-yield debt maturities before rates rise.

This interview on junk bonds is followed by an interesting review of Italy's progress on debt. The trend is encouraging and Mario Draghi deserves much of the credit, in my opinion.