Umm...something off here. Can anyone point to where the UK gov. Actually borrow eurodollars? The whole point of a sovereign currency is to transact in it...which means you can't go bankrupt. Public spending is in £ denomination...why would it require dollars? Makes no sense. Also if they wanted to pay off US debts then they can sell £ gilts for dollars at exchange rate. If the UK government was borrowing dollars to pay for its internal finances then that would screw UK gilts and ruin sovereign money.
Maybe someone can explain what the author is actually referring too but on a superficial reading it looks like a crock.
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