Euro and the nearly-sovereign debt

Euro has recently led to a new kind of public debt described as nearlysovereign, expressed in a currency that can not be defined either national nor foreign. In fact, the currency is common, and is governed by the same central bank, but the debts belong to countries whose fiscal and budget policies may be very different.The presence of such debts on the market impose new criteria for evaluation and management by investors, which should take into account endogenous factors such as the situation and the trends of national budgets and the weight of the debtor in the Eurozone.