Governments around the world have taken on the debt of their private sectors. These were often emergency arrangements made on a short-term basis, meaning they are now facing the reality of long-term funding to meet their commitments.

This year the governments of the US, the UK and the rest of Europe are forecast to sell a record net $2.7 trillion (€1.85 trillion) worth of bonds to pay for their largesse - almost four times the $708bn sold last year, according to Deutsche Bank.