Citigroup economists have warned that, "There is no absolutely safe sovereigns," in a new note on the sovereign debt crisis enveloping the world, according to The Telegraph.

The note, written in part by Willem Buiter, former Bank of England economist, comments on the current crisis in the eurozone saying, "Despite the recent drama, we believe we have only seen the opening and second act, with the rest of the plot still evolving."

That future drama could be in the U.S. and Japan, once assumed safe sovereign debt spots. Citi speculates they could soon be the targets for speculators, as both have not enacted austerity measures to trim government spending.

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