A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York CityLONDON - Record debts, high interest rates, the costs of climate change, health and pension spending as populations age and fractious politics are stoking fears of a financial market crisis in big developed economies.
They do not expect a developed economy to struggle paying debt, but say governments must deliver credible fiscal plans, raise taxes and boost growth to keep finances manageable. Heightened geopolitical tensions add to costs. "If you have an accident, or a combination of events, then you go into an adverse non-linear dynamic sort of process. That is something which is a real possibility."
Italy's 2.4 trillion-euro debt pile is the focus in Europe, where the IMF has said high debt leaves governments vulnerable to crisis. Economy Minister Giancarlo Giorgetti said he did not fear a downgrade but could not rule it out. The ministry declined to comment for this story.Low growth has kept Italian debt high, a risk across Europe and Britain, where belt-tightening plans will depress public investments.
Borrowing is a harder sell at higher rates, so governments need credible plans. The EU is revising its fiscal rules, Britain's opposition Labour Party promises to legally require OBR reviews of tax-and-spending plans. It's a trap, warns UK spy chief, as Israel prepares for months of brutal urban warfare against Hamas in bombed-out Gaza
During Lake's Senate campaign kickoff, she largely steered clear of past election grievances and instead spoke of the need for honesty in elections.A former Ukrainian presidential adviser has described Kyiv’s stalled counter-offensive as a “disaster” and accused Volodymyr Zelensky of making strategic mistakes.Hassan Nasrallah is one man capable of igniting a wider war in the Middle East