{"id":36005,"date":"2022-10-05T20:33:14","date_gmt":"2022-10-05T20:33:14","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/can-the-eurozone-avoid-a-new-public-debt-crisis-gis-reports\/"},"modified":"2022-10-05T20:33:14","modified_gmt":"2022-10-05T20:33:14","slug":"can-the-eurozone-avoid-a-new-public-debt-crisis-gis-reports","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/can-the-eurozone-avoid-a-new-public-debt-crisis-gis-reports\/","title":{"rendered":"Can the eurozone avoid a new public debt crisis? \u2013 GIS Reports"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"post-35798\">\n<p class=\"introduction\">The eurozone\u2019s debt is starting to haunt European Central Bank\u2019s policymakers and leaders who recklessly increased public spending. <\/p>\n<figure class=\"wp-block-image size-full post-image\"><img loading=\"lazy\" width=\"1024\" height=\"683\" alt=\"ECB\u2019s anti-inflation measures are timid for fear of triggering a debt crisis\" class=\"wp-image-35801\" srcset=\"https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image.jpg 1024w, https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image-540x360.jpg 540w, https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image-768x512.jpg 768w\" data-lazy-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image.jpg\"\/><noscript><img loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image.jpg\" alt=\"ECB\u2019s anti-inflation measures are timid for fear of triggering a debt crisis\" class=\"wp-image-35801\" srcset=\"https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image.jpg 1024w, https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image-540x360.jpg 540w, https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-post-image-768x512.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><\/noscript><figcaption>Robert Holzmann, governor of Austria\u2019s central bank and a member of the Governing Council of the ECB, argues that it should quickly bring its negative interest rates into positive territory to combat inflation. However, some eurozone countries could find it hard to cope with increased borrowing costs and a sovereign debt crisis could ensue. <span class=\"image-copyright\">\u00a9 Getty Images<\/span><\/figcaption><\/figure>\n<div data-mw-id=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/pos-bulletpoints\" class=\"psf bulletpoints\" id=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/pos-bulletpoints\"><a href=\"\" class=\"toc-close\" onclick=\"TOC.close_ui(); return false;\">\u00d7<\/a><\/p>\n<h2 class=\"toc-only\">In a nutshell<\/h2>\n<ul>\n<li>The eurozone finds itself in a precarious situation due to interlocking global crises\u00a0<\/li>\n<li>Excessive\u00a0sovereign debt puts some countries and the common currency at risk<\/li>\n<li>Central bankers hope an \u201canti-fragmentation instrument\u201d will preserve the system<\/li>\n<\/ul>\n<\/div>\n<p class=\"has-drop-cap\">Between 2009 and 2012, the euro area experienced a full-blown sovereign debt crisis that threatened to tear the monetary union apart.\u00a0<\/p>\n<p>At the time, problems came to a head when lenders in European financial markets lost faith in the fiscal sustainability of several member states and started demanding higher risk premia. As they were confronted with soaring borrowing costs, the affected sovereigns quickly found themselves unable to repay the debts they had built up during the Great Recession in the late 2000s. Eventually, investors\u2019 biggest fears were close to becoming self-fulfilling prophecies. A downward spiral pushed Greece, Portugal, Ireland and Cyprus to the brink of euro exit. Domino effects between Europe\u2019s <a href=\"https:\/\/voxeu.org\/article\/history-european-core-and-its-periphery\" target=\"_blank\" rel=\"noreferrer noopener\">so-called periphery and\u00a0core<\/a>\u00a0put Spain, Italy, Belgium and France at risk as well.\u00a0<\/p>\n<p>One of the first policymakers to understand the risk to the common currency itself was Mario Draghi, then-president of the European Central Bank (ECB). He was the one who, in extremis, had ended the debacle by committing, during his memorable July 26, 2012, speech, to do \u201cwhatever it takes\u201d\u00a0to stabilize sovereign bond markets. Three words that saved the euro, it is often said.<\/p>\n<p>Could such a frightening scenario repeat itself today, now that the eurozone has woken up to new major global threats, ranging from post-pandemic stagflation to a looming world war?\u00a0<\/p>\n<p>Central bankers and policymakers tend to present a reassuring picture of Europe\u2019s present-day sovereign risk situation. However, significant challenges remain.<\/p>\n<h2 id=\"h-debt-overhangs\">Debt overhangs<\/h2>\n<p>First,\u00a0public finances are in a worse state today than at the\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/eu-debt-emergency-fund\/\">peak of the previous sovereign debt crisis<\/a>. For instance,\u00a0Greece\u2019s government debt-to-GDP ratio, which stood at 127 percent in 2009, ballooned to 211 percent in 2020.<sup>\u00a0<\/sup>After the pandemic hit, the proportions for\u00a0<a href=\"https:\/\/tradingeconomics.com\/spain\/government-debt-to-gdp\" target=\"_blank\" rel=\"noreferrer noopener\">Spain<\/a> and\u00a0<a href=\"https:\/\/tradingeconomics.com\/italy\/government-debt-to-gdp\" target=\"_blank\" rel=\"noreferrer noopener\">Italy<\/a><sup>\u00a0<\/sup>climbed to 120 and 155 percent respectively. Public debt amounts are impressive, too. In June this year,\u00a0Italy\u2019s\u00a0<a href=\"https:\/\/commodity.com\/data\/italy\/debt-clock\/\" target=\"_blank\" rel=\"noreferrer noopener\">debt mountain<\/a>\u00a0reached\u00a02.88 trillion euros. By comparison, back in 2009, Greek\u2019s debt of 300 billion euros was enough to trigger panic among sovereign bond investors.<\/p>\n<p>Current\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/future-public-debt\/\">trends suggest<\/a>\u00a0that governments\u2019 funding needs might even increase in the months or years to come. The health crisis, which left lasting scars on economies and public finances, is not over. More recently, long underestimated geopolitical risks resurfaced at\u00a0Europe\u2019s borders. Russia\u2019s invasion of Ukraine prompted the European Union to make costly decisions regarding sanctions, defense, refugee reception and alternatives to Russian energy. Finally, Europe\u2019s lofty\u00a0<a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/IP_21_3541\" target=\"_blank\" rel=\"noreferrer noopener\">climate ambitions<\/a>\u00a0will be extremely expensive.\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>The sovereign bond yield spreads between peripheral and core member states widened dangerously.\u00a0<\/p>\n<\/blockquote>\n<p>Energy, food and other prices trending upward on all fronts could make it hard for some member states to\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/europe-economy-crises\/\">avoid another recession<\/a>\u00a0over the next few months \u2013 unless they respond with more deficit spending. Luckily for such countries,\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/stability-growth-pact\/\">the EU\u2019s fiscal rules will be kept on ice<\/a> until at least 2023. For some countries, the fact that no borrowing limits have been in place for several years is incentive enough to\u00a0continue on the course of ever-larger government spending and debt.\u00a0<\/p>\n<h2 id=\"h-centrifugal-forces\">Centrifugal forces<\/h2>\n<p>The second challenge involves borrowing costs for eurozone governments. In early spring 2022, after years of relative stability, interest rates that markets required of governments for repayment of outstanding public debt surged several times to multiyear highs before falling just as sharply a few days later. It is noteworthy that, during these short episodes, the sovereign bond yield spreads between peripheral and core member states widened dangerously. The spreads between Italian and German 10-year bond yields, often used to gauge investors\u2019 fear\/confidence, reached 2.52 percentage points on June 14.\u00a0<\/p>\n<div data-mw-id=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/pos-factsfigures\" class=\"psf factsfigures\" id=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/pos-factsfigures\"><a href=\"\" class=\"toc-close\" onclick=\"TOC.close_ui(); return false;\">\u00d7<\/a><\/p>\n<h2>Facts &amp; figures<\/h2>\n<h3 id=\"h-italy-germany-10-year-bond-spread\">Italy-Germany 10-year bond spread <\/h3>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1140\" height=\"576\" alt=\"Sovereign debt crisis may tear apart the euro area\" class=\"wp-image-35804\" src=\"https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-image2-1-1140x576.png\"\/><noscript><img loading=\"lazy\" width=\"1140\" height=\"576\" src=\"https:\/\/www.gisreportsonline.com\/wp-content\/uploads\/2022\/06\/krecke-image2-1-1140x576.png\" alt=\"Sovereign debt crisis may tear apart the euro area\" class=\"wp-image-35804\"\/><\/noscript><figcaption>Danger zone: during the worst of the 2012 sovereign debt crisis, spreads of 2.5 percentage points were observed, which was considered threatening to damage the monetary union. <span class=\"image-copyright\">\u00a9GIS by macpixxel<\/span><\/figcaption><\/figure>\n<\/div>\n<p>On March 12, 2020, at the coronavirus pandemic outbreak, there was another such\u00a0\u201cself-fulfilling cross-border flight-to-safety\u201d\u00a0episode, but of much greater amplitude. It occurred after ECB President Christine Lagarde<sup>\u00a0<\/sup>had\u00a0<a href=\"https:\/\/twitter.com\/ecb\/status\/1238105175363129352?lang=fr\" target=\"_blank\" rel=\"noreferrer noopener\">bluntly stated<\/a>\u00a0that her institution was not there to\u00a0\u201cclose spreads.\u201d<\/p>\n<p>The turmoil in financial markets makes clear that what the economists Ignazio Angeloni and Daniel Gros<sup>\u00a0<\/sup><a href=\"https:\/\/voxeu.org\/article\/ecb-s-new-monetary-policy-strategy\" target=\"_blank\" rel=\"noreferrer noopener\">labeled<\/a>\u00a0\u201cthe centrifugal forces between core and peripheral countries\u201d\u00a0can flare up at any moment and put the cohesion of the currency union at risk. This danger is due to a fundamental design failure of the eurozone that has never been overcome.<\/p>\n<p>In May 2022, markets eventually calmed down, but observers<sup>\u00a0<\/sup>agree that southern European sovereign bonds remain\u00a0<a href=\"https:\/\/www.euronews.com\/next\/2022\/05\/10\/eurozone-bonds\" target=\"_blank\" rel=\"noreferrer noopener\">vulnerable to fire sales<\/a>. More so as some nations, such as Greece, Italy and Spain, remain heavily exposed to the infamous\u00a0\u201csovereign-bank doom-loop\u201d risk.\u00a0This negative spiral, by which one protagonist can drag down the other, was at\u00a0the heart of the previous debt crisis. Back then, two scenarios interacted. On one side, overindebted governments pushed over the cliff banks that held too many of their bonds. On the other, ailing banks could take down the governments that tried to rescue them.\u00a0<\/p>\n<p>Today, banks\u2019 so-called\u00a0\u201chome bias,\u201d i.e., their\u00a0propensity to pile up domestic sovereign bonds, seems <a href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/200921-the-european-sovereign-bank-nexus-deepens-by-200-billion-11643135\" target=\"_blank\" rel=\"noreferrer noopener\">stronger than ever<\/a>. Moreover, as Mr. Angeloni pointed out\u00a0<a href=\"https:\/\/www.omfif.org\/2021\/06\/european-central-bank-must-increase-co-operation-to-solve-long-term-challenges\/\" target=\"_blank\" rel=\"noreferrer noopener\">elsewhere<\/a>, the\u00a0\u201creal condition\u201d\u00a0of the financial system in certain at-risk countries may come to light soon. Indeed, during the health crisis, the banking sector\u2019s inherent vulnerabilities were\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/post-covid-fiscal-future\/\">temporarily hidden<\/a>\u00a0under a \u201cprotective blanket\u201d that Covid-19 debt moratoria and public guarantees had laid on banks.\u00a0\u201cThe burden on bank balance sheets will be greater in countries that face more demanding reforms, due to their structural backwardness, and which still have unresolved banking problems,\u201d Mr. Angeloni wrote.\u00a0<\/p>\n<p>How to avoid a\u00a0replay of\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/sovereign-debt\/\">adverse feedback loops<\/a>\u00a0between\u00a0banks and public finances? Here indeed lies one of the main difficulties for the euro area today. Despite 10-year efforts and endless discussions between the EU and member states, the long-awaited Banking Union has still\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/eu-banking-union\/\">not been completed<\/a>. Also, regrettably, cooperation with and among fiscal authorities leaves much to be desired.<\/p>\n<h2 id=\"h-rising-debt-costs\">Rising debt costs<\/h2>\n<p>About a year ago, another looming challenge appeared on the horizon: inflation. On the one hand, persistent inflation benefits governments, as it erodes their debt over time. On the other hand, it leads lenders to demand bigger risk premia from highly indebted nations. For this reason alone, the borrowing costs of these nations will now rise inexorably.\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>These rate hikes will make borrowing more expensive. Combined with\u00a0declining growth, they could negatively affect sovereign debt sustainability.\u00a0<\/p>\n<\/blockquote>\n<p>The situation could\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/ecb-policy\/\">quickly get tricky<\/a>, as the ECB recently announced that it would tighten its monetary policy to keep inflation at bay. In May 2022, eurozone inflation rose to 8.1 percent,\u00a0\u00a0which is four times above the ECB\u2019s 2 percent target. Even the most dovish among the ECB\u2019s Governing Council members currently call for action.<\/p>\n<p>In a statement of June 20, 2022, ECB President Lagarde confirmed that the first rise in short-term interest rates can be expected in July. One or two more rises of 25-basis points each might follow later this year. The ECB\u2019s deposit facility rate has been negative since 2014 and currently it stands at\u00a0\u00a0-0.5 percent. Most market analysts predict it could reach +0.25 percent by 2023. For Robert Holzmann, one of the Governing Council\u2019s hawks, this should happen\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/hike-ecb-rate-by-a-half-point-to-show-our-resolve-holzmann-says#xj4y7vzkg\" target=\"_blank\" rel=\"noreferrer noopener\">already this year<\/a>. Of course, these rate hikes will make borrowing more expensive. Combined with\u00a0declining growth, they could negatively affect sovereign debt sustainability.\u00a0<\/p>\n<p>Moreover, the ECB is going to substantially lower its bond buying throughout 2022, at least compared to 2020 and 2021. As expected, net purchases under its 1.85 trillion-euro Pandemic Emergency Purchase Programme (PEPP) ended in March 2022. After an early June meeting, the Governing Council announced in a surprise move that net purchases under the Asset Purchase Programme (APP) will also end as of July 1, 2022. The perspective that there might soon be less monetary support to southern European debt nations could also contribute to reviving investors\u2019 angst.\u00a0<\/p>\n<p>In essence, a reduction in net purchases means that the ECB will stop buying\u00a0<em>all\u00a0<\/em>the new debt issued by eurozone governments. According to an\u00a0<a href=\"https:\/\/www.ft.com\/content\/47078564-6605-47c2-a9ad-c403df273697\" target=\"_blank\" rel=\"noreferrer noopener\">analyst<\/a>\u00a0consulted by\u00a0<em>The Financial Times<\/em>, the central bank will buy less than 40 percent of it this year, down from over 120 percent during the pandemic\u2019s peak. Another commentator, a\u00a0<a href=\"https:\/\/www.barrons.com\/articles\/the-european-central-bank-is-executing-a-risky-u-turn-51647361223\" target=\"_blank\" rel=\"noreferrer noopener\">former IMF deputy director<\/a> and private sector economic strategist, wondered what would happen if\u00a0the ECB ceased to be a major buyer of Italian government bonds. Who was going to help the country raise the additional hundreds of billions of euros it will need next year to cover its gross borrowing needs, the commentator wanted to know.\u00a0\u00a0<\/p>\n<p>What appears to worry observers most is the next Italian general election, due to be held before summer 2023. Many are concerned that if Italy\u2019s Prime Minister Mario Draghi were to leave the government, the country could plunge back into its politically chaotic past. Since February 13, 2021, when the 74-year-old former ECB head took charge, Italy has been enjoying a period of stability unseen for a long time despite its deep-rooted problems. With Mr. Draghi at the helm, investors seem to have improved, at least temporarily, their perception of the government\u2019s creditworthiness. With his departure, their trust could vanish anew.<\/p>\n<h2 id=\"h-narrow-path\">Narrow path<\/h2>\n<p>Over the coming months, the ECB will have to navigate a narrow path between continuing to support bond markets (through quantitative easing) and gradually withdrawing monetary accommodation to fight inflation (through quantitative tightening). Regardless of\u00a0<a href=\"https:\/\/www.gisreportsonline.com\/r\/fighting-inflation\/\">how this dilemma will be dealt with<\/a>, the future will be challenging for the central bank.\u00a0<\/p>\n<p>The time when three simple words uttered by the ECB\u2019s president were enough to stabilize markets in turmoil is long gone. According to Mr.\u00a0Angeloni, a\u00a0member of the ECB\u2019s Supervisory Board during the Draghi era, Mr. Draghi\u2019s\u00a0whatever-it-takes\u00a0statement was an emergency response applied to very particular conditions. Today, it just will not do to repeat it over and over again.\u00a0<\/p>\n<p>For years,\u00a0the ECB\u2019s leadership\u00a0frequently used\u00a0the famous phrase as a pledge or a reassuring promise in times of market disturbance. But to have any effect, it needed to be backed up by ever-larger stimulus packages to ensure that credit in the eurozone remained cheap. Put differently, ever more needed to be done to achieve ever less. A year before the pandemic hit and long before anyone thought of a comeback of inflation, OECD secretary-general Angel Gurria\u00a0<a href=\"https:\/\/www.cnbc.com\/2019\/06\/28\/central-banks-have-run-out-of-ammunition-says-oecd-angel-gurria.html\" target=\"_blank\" rel=\"noreferrer noopener\">warned<\/a>\u00a0that the central banks \u201chave run out of ammunition.\u201d<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u2018Flexibility\u2019 has become the magic word, allowing the ECB to continue to cap spreads on well-chosen eurozone sovereigns.<\/p>\n<\/blockquote>\n<p>Nonetheless, according to a global financial\u00a0<a href=\"https:\/\/ihsmarkit.com\/research-analysis\/ecb-continue-support-bond-markets-2022-despite-low-net-purchase.html\" target=\"_blank\" rel=\"noreferrer noopener\">data provider<\/a>, the management of the assets in the ECB\u2019s colossal balance sheet and, most notably, the reinvestments of long-term government bonds purchased under the APP and PEPP, are important options left. They will still help the central bank keep bond spreads as low as possible over a long period.\u00a0<\/p>\n<p>Unlike for\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2018\/html\/ecb.pr181213.en.html\" target=\"_blank\" rel=\"noreferrer noopener\">APP\u00a0reinvestments<\/a>, the ECB is not bound by capital keys (i.e., market neutrality principles) when reinvesting PEPP proceeds. In a\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/press\/pressconf\/2021\/html\/ecb.is211216~9abaace28e.en.html\" target=\"_blank\" rel=\"noreferrer noopener\">press conference<\/a>\u00a0on December 16, 2021, Ms. Lagarde suggested that \u201cunder stressed conditions,\u201d her institution can freely decide when, where and\u00a0<a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/ecb-can-choose-where-reinvest-pepp-proceeds-with-eye-greece-2021-12-16\/\" target=\"_blank\" rel=\"noreferrer noopener\">how to reinvest them<\/a>. \u201cFlexibility\u201d has become the magic word, allowing the ECB to continue to cap spreads on well-chosen eurozone sovereigns.\u00a0<\/p>\n<h2 id=\"h-wonder-weapon-needed\">Wonder-weapon needed\u00a0<\/h2>\n<p>In recent months, there has been increasing talk about a mysterious\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/04\/14\/european-central-bank-may-bring-forward-bond-buying-end.html\" target=\"_blank\" rel=\"noreferrer noopener\">new policy instrument<\/a> that could be adopted in case yield spreads started widening again after the ECB has made its first-rate hikes. The purpose would be to actively support debt-ridden governments when they face sharply rising borrowing costs due to tighter monetary policy.\u00a0<\/p>\n<p>Here again, one may wonder whether this would not be some European-style yield-curve-control that does not say its name. The practice of yield-curve-control is forbidden by EU Treaties, as it amounts to a hidden form of deficit financing or debt monetization. Ultimately, this leads to central bank complacency and fiscal dominance.<\/p>\n<p>For the moment, the adoption of such a new tool has not been confirmed officially.\u00a0Nonetheless, President Lagarde said in her June statement that a proposal for an \u201canti-fragmentation instrument\u201d could soon be put forward for consideration by the Governing Council.\u00a0The very fact that it is under discussion should be proof enough that there still is a systemic sovereign debt risk in Europe today.\u00a0\u00a0<\/p>\n<p><noscript><\/p>\n<p>\t\t\t<\/noscript><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiL2h0dHBzOi8vd3d3Lmdpc3JlcG9ydHNvbmxpbmUuY29tL3IvZGVidC1jcmlzaXMv0gEA?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The eurozone\u2019s debt is starting to haunt European Central Bank\u2019s policymakers and leaders who recklessly increased public spending. Robert Holzmann, governor of Austria\u2019s central bank and a member of the Governing Council of the ECB, argues that it should quickly bring its negative interest rates into positive territory to combat inflation. However, some eurozone countries &hellip;<\/p>\n","protected":false},"author":1,"featured_media":36006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/36005"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=36005"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/36005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/36006"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=36005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=36005"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=36005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}