HSBC chief Noel Quinn says countries risk being “hit hard” after allowing borrowing to balloon in the wake of the financial crisis and the pandemic.
The world is at a “tipping point” on debt that threatens to spark a global reckoning after years of government borrowing binges, the boss of global banking giant HSBC has warned.
“I’m concerned about a tipping point on fiscal deficits,” Quinn said. “When it comes, it will come fast, and I think there are a number of economies in the world where there could be a tipping point and it will hit hard.”Mr Quinn’s comments came as a series of top Wall Street bankers warned about the health of the global economy as the war between Hamas terrorists and Israel threatens to spread across the Middle East.
The International Monetary Fund and World Bank sounded the alarm over global debt levels earlier this month, warning that the US and China had put public debt on course to approach the size of the entire global economy by the end of the decade.described the debt binge since 2010 as “the fastest, most broad based and largest” the world had ever seen. Previous debt waves have all led to financial crises.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World is at ‘tipping point’ after global debt binge, warns HSBC bossHSBC chief Noel Quinn says countries risk being “hit hard” after allowing borrowing to balloon in the wake of the financial crisis and the pandemic.
Read more »
Climate crisis threatens ‘tipping point’ of uninsurable homes, says UNAnalysis also warns of further tipping points on horizon such as drying up of groundwater vital for food supplies
Read more »
For Afghans around the world this Cricket World Cup is providing a rare moment of joyFrom Kabul to Melbourne, millions are celebrating Afghanistan’s stunning performance. It’s about more than just cricket
Read more »
The world’s most important interest rate sounds a warningThe yield on US 10-year government bonds briefly hit 5 per cent on Monday for the first time since 2007, a level that could threaten the prices of property and shares.
Read more »
The world’s most important interest rate sounds a warningThe yield on US 10-year government bonds briefly hit 5 per cent on Monday for the first time since 2007, a level that could threaten the prices of property and shares.
Read more »
What lies beneath: the curious world of Sydney’s secret vaultsJust a few metres above our heads, people go about their day in the hustle and bustle of downtown Sydney, oblivious to the glittering treasure trove lying underneath.
Read more »