What ever happened to bankrupt Britain?

Hmm. My attention has been on other things, so it’s been a while since I looked at British bond rates and CDS spreads. But here’s where they are right now: 10-year bond rates at 3.737, compared with 3.337 for Germany; CDS spread at 71 versus 35 for Germany. Really not so bad.

But, but, wasn’t Britain supposed to be hurtling toward bankruptcy?