Small sigh of relief

Over the past few months, the world has watched with uneasiness and frustration the political drama unfolding in Washington, capital of the world's largest economy.

The fierce partisan debate over raising the debt ceiling was so ugly that it threatened to hold hostage not only the United States' own economic and social well-being but also the global economy, by forcing the US government to default on its payments on a broad range of programs at home as well as bondholders abroad.

But the world, especially the countries that hold an enormous amount of US government bonds, can now heave a sigh of relief, though for a limited period of time.