BIS fears emerging market maelstrom as Fed tightens

Section:

By Ambrose Evans-Pritchard
The Telegraph, London
Sunday, September 13, 2015

Debt ratios have reached extreme levels across all major regions of the global economy, leaving the financial system acutely vulnerable to monetary tightening by the U.S. Federal Reserve, the world's top financial watchdog has warned.

The Bank for International Settlements said the wild market ructions of recent weeks and capital outflows from China are warning signs that the massive buildup in credit is coming back to haunt, compounded by worries that policymakers may be struggling to control events.

"We are not seeing isolated tremors but the release of pressure that has gradually accumulated over the years along major fault lines," said Claudio Borio, the bank's chief economist.

The Swiss-based BIS said total debt ratios are now significantly higher than they were at the peak of the last credit cycle in 2007, just before the onset of global financial crisis. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/economics/11858952/BIS-fears-emerging...



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