As the inflation is high, central banks such as the FED and the ECB are about to raise their rates.
One of the consequence is that the stock market is falling and in particular companies having a lot of debt (such as technologies companies, see NASDAQ vs Dow Jones these days).
It occured to me than these companies are not the only institutions borrowing a lot of money to expand: States are heavily indebted especially after the pandemic.
So what are the consequences of a raise of the interest rates for governments? Does it make more difficult to borrow on markets? Will we see austerity policies for 'weak' countries within the EU?