Apr 13th 2012, 14:52 by The Economist online
LOTS of countries in the rich world ran pro-cyclical current-account deficits before the financial crisis hit, which is to say they borrowed heavily when times were good. Yet only a handful have seen yields on their sovereign debt spike to alarming levels. One reason for this, as the chart below shows, may be an over-reliance on fickle foreigners to finance those deficits. Italy, which has a high rate of domestic savings (and thus is less reliant on finance from abroad) and yet also suffers from high yields on its debt, is an outlier.
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