The Post-Crisis Economy’s Long Debt Hangover
With the largest economies, nearly eight years after the global financial crisis, burdened by high and rising levels of public and private debts, it is baffling that comprehensive restructuring does not figure prominently among policymakers' options. Indeed, at last week's G-20 meeting, debt was the proverbial elephant in the room.
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CAMBRIDGE – The meeting of G-20 finance ministers and central bank governors in Washington, DC last week concluded on a sour note. Small wonder: Global growth prospects have dimmed amid a variety of risks now emanating from both advanced and developing countries.