IF THERE IS any kind of consensus that has emerged in the past year about the global economy and financial markets, it is that there is too much debt in the system. The last recession unfortunately never did expunge all the imbalances, especially when it comes to the level of overall debt the global economy can truly support. Governments around the world protected their banks, and in so doing issued tremendous amounts of triple-A-rated debt that in many cases is either no longer ranked that pristinely nor being treated that way.
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