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Global Debt Disaster
First Moody's and now the International Monetary Fund.
A senior IMF official warned big countries such as the United States that their debt levels are way too high and risk financial problems on a major level. High debt levels leave "deep scars in fiscal balances, particularly in the advanced economies," John Lipsky of the IMF told the China Development Forum in Beijing.
Those words follow a caution from Moody's. Last week, the ratings agency warned that the U.S., China and Germany could lose their Aaa debt rating because they owe way too much money.
Steve Rosenbush is the blogs/industry editor for Portfolio.com.
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