Is a 1993 and 1998-type debt crisis coming? For those of us who lived through the previous debt crisis see some critical similarities to today's conditions: shrinking risk spreads; increased leverage, especially in emerging countries and China; potential dramatic political mayhem; an increase of concern about the level of debt. In previous cases, the key to the crisis was a global turn towards risk avoidance. So far, this has not been onerous. But the risk is certainly there.
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