Private Equity Giants Warn of Growing Default Risks as Rates Rise and Economies Slow
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Apollo's James Zelter is "skeptical" of an economic soft landing as global financial conditions tighten.
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Ares' Michael Arougheti sees looming fiscal risks from deficit spending by governments.
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Defaults are expected to rise as riskier debt comes due for refinancing.
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Cost-of-living crisis and higher rates led UK business activity to fall to lowest since 2021.
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Global debt as a share of GDP projected to hit 337% in 2023, well above pre-pandemic levels.