This article ignores a key difference between England and the rest of europe: the euro. The euro countries are revenue constrained in the same way as U.S. stat

This article ignores a key difference between England and the rest of europe: the euro. The euro countries are revenue constrained in the same way as U.S. states. They owe Euros, but cannot issue Euros, so they must go begging to the market for Euros else default. England (BOE) as monopoly issuer of the Pound, can dictate interest rates on Pound denominated bonds, therefore they do not have the same constraints on government spending.