BIS Chief Warns Governments to Curb Borrowing or Risk Debt Crisis as Interest Rates Rise
• Governments must curb borrowing or risk a debt crisis as interest rates rise, warns BIS chief • Debt piles built on assumption of low rates; days of ultra-low rates are over • Improving finances now will avoid crises and bring economic benefits long-term • Demands for public spending will increase due to aging populations, climate change, defense • Central banks must keep rates high to beat inflation amid medium-term risks