Niall Ferguson is forever determined to be ignorant about differences between countries. Amazing for a global historian of such repute.
UPDATE (had to write that in a rush). What distinctions might he consider if he was not the sort of thinker who just thinks screaming DEBT!!!! is an argument?
One, as Richard notes below, the current account deficit. Ours is about 2% of GDP, and recent manufacturing news suggests might fall further. Greece’s is 10%. Remember the IMF is about funding external balance problems.
Two, we have a free floating currency, as Flanders observes.
Three, Greece has plenty of competition from other issuers of euro-debt. We are the only ones with sterling debt, and a fair amount of internal savers that need it.
All of these are obvious.