Governments with big economies face over 7.6 trillion maturing debt in 2012

 Many of these governments will also face increased borrowing costs to refinance their debt. Japan has the most in maturing debt 3 trillion U.S. dollars. The U.S. amount is somewhat lower but still huge at 2.8 trillion.
  The IMF has cut the growth forecast for 2012 to 4 per cent. Originally the estimate was for 4.5 per cent global growth. The spread of  Europe's debt crisis is one factor but also the U.S. will struggle to reduce its debt and the Chinese property market will be slowing
   Some countries are already having problems selling new debt securities. Italy has already had trouble auctioning off as many debt securities as it had wanted. Economists and strategists surveyed by Bloomberg estimated that borrowing costs for G-7 nations could rise as much as 39 per cent above last year's levels.
    Fund manager  Michael Riddell said:“The buyer base for peripheral Europe has obviously shrunk at the same time that the supply coming to the market is increasing, which is not a good combination,” With many new debt securities being offered investors will avoid buying in countries where risks are very high. This will drive up borrowing costs for some countries in Europe which most need the funds. For much more see this article.