In the United States, Congress has largely favoured stimulus over austerity (new House Speaker John Boehner vowed to change this in his maiden speech), but a growing number of cash - strapped states and cities is stoking the same kind of
sovereign debt fears that are rippling through Europe.
They argue that economies rattled by
sovereign debt fears and threatened with recession can't afford to bankroll the conversion to a new, more expensive form of energy.
Not exact matches
What really triggered the equity sell - off was
fear over the solvency of French and Italian banks holding large amounts of Greek, Irish and other poor quality
sovereign debt.
European
sovereign debt markets were in turmoil as investors priced into the markets their
fear that the Euro currency experiment could end in failure.
Since mid-April,
fears of a European
sovereign debt crisis have sent another round of shockwaves through the global financial system.