http://www.imf.org/external/pubs/ft/fm/2012/02/pdf/fm1202.pdf

Despite substantial progress in restoring the sustainability of public finances, fiscal vulnerabili- ties remain elevated. Public debt Rollover require- ments are still very high and expose countries to the vagaries of financial markets. Partly because of the ample liquidity provided by central banks in support of economic activity, markets have in most cases taken large increases in public debt in stride, with solvency concerns remaining elevated only for a subset of Euro area countries. But these benign market responses are premised on continued fiscal adjustment and a favorable growth environment.