The head of President Joe Biden's Council of Economic advisors said U.S. Consumer debt is just about returning to normal levels. Jared Bernstein said that pressures on U.S. Consumer spending, such as growing credit card delinquency rates, mostly suggest that Americans' debt is returning to pre-pandemic levels.

U.S. Consumer debt returning to normal levels?

No big debt relief for government in 2023. Watch the video to know more.

2023 Rewind: Debt threat to countries

The International Monetary Fund (IMF) has issued a cautionary note, warning that India's general government debt could surpass 100 per cent of the gross domestic product (GDP) in the medium term, the Business Standard reported.

IMF sounds alarm on India's rising debt, warns of exceeding 100pc of GDP 

Beijing has intensified efforts to curb the unchecked growth of informal backchannel borrowing, known as hidden debt, which poses a risk to China's financial stability.

China targets local governments, banks for hidden debt violations by naming and shaming them

The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week, as per a Reuters reported. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading.

WeWork nears bankruptcy amidst crushing debt and plummeting value

Brazilian retailers are grappling with a challenging landscape as they contend with mounting debt and increasing competition from online giants like Amazon. A complex combination of factors, including high debt levels for both retailers and consumers, rising yields, and a recent accounting scandal at Americanas SA, has created a challenging environment for the retail sector in Brazil, Bloomberg reported.

Brazilian retail sector faces challenges amidst rising debt and online competition 

China's cabinet has restricted the ability of local governments in 12 heavily indebted regions to take on new debt and placed limits on what new state-funded projects they can launch, three sources with knowledge of the matter said.

China's cabinet curbs debt growth, limits state-funded projects in 12 'high risk' regions

More debt defaults are looming in China, as troubled developers grapple with a weak outlook for home sales and continue to face challenges in raising funds. According to Creditsights, 124.5 billion dollars of bonds have already defaulted in the 175 billion property dollar bond sector, including China's once-leading developer, Country Garden. 60.5 billion dollars in Chinese property bonds are due in the next six months, with offshore bonds comprising a significant portion.

China: $124.5 BN of bonds have already defaulted

Troubled developers grapple with a weak outlook for home sales and continue to face challenges in raising funds.

China's property developers in crossfire

As China’s private developers struggle to meet their debt repayments, concerns are growing over the potential ripple effects on local-level government finances. Country Garden, the country's largest developer, has sounded the alarm, stating it may not be able to meet its offshore debt obligations.

Debt crisis in China's real estate sector

The Institute of International Finance (IIF) said on September 19 that markets like the United States and Japan were driving the hike in global debt, which reached a record high of $307 trillion in the second quarter of the year despite rising interest rates restricting bank credit, Moneycontrol reported.

Global debt reaches record high of $307 trillion, as debt ratios are rising: IIF

Global debt hit a record $307 trillion in the second quarter of the year despite rising interest rates curbing bank credit, with markets such as the United States and Japan driving the rise, the Institute of International Finance (IIF) said on Tuesday.

Global debt hits record $307 trillion, debt ratios climb

In a bid to assuage the concerns of lenders, Indian edtech giant Byjus has proposed to pay back its whole $1.2 billion term loan in less than six months, sources familiar with the matter told Bloomberg.

Byju’s surprises lenders with a $1.2 billion repayment offer

China’s property crisis has deepened with two major developers facing severe financial difficulties that threaten to send shock waves through the country’s economy and beyond.

China: Property crisis deepens with developer Country Garden at risk of default

China plans to allow local governments to sell $205.9 billion of special financing bonds to help 12 regions repay debt, Caixin reported. China’s central bank and financial regulators met with bank executives and told lenders again to boost loans to support a recovery, adding to signs of heightened concern from policymakers about the deteriorating economic outlook.

China local governments to sell $206 billion of financing debt

China is in discussion to allow local governments to sell 1.5 trillion yuan ($295.9 billion) of special financing bonds to help with debt repayment for 12 regions, according to a report by Caixin.

China’s local governments will sell $206 billion to repay financing debt 

The UK's public debt load has soared by more than 40% to almost £2.6 trillion (US$3.4 trillion or RM15.8 trillion)) since the pandemic struck, leaving the country owing more than its entire annual economic output for the first time since 1961.

UK faces reckoning over US $3 trillion debt pile

The relationship between China and Sri Lanka has been going strong as Beijing seeks to increase its footprint in the Indian Ocean region in Sri Lanka.

China pledges help for Sri Lanka's debt crisis

The ongoing tensions between the United States and China have entered a new dimension reports suggest that China is likely to reduce its Holdings of the US debt to protect its trade from currency market fluctuations.

China reduces US debt exposure for the third month

The country's ongoing economic crisis has had major collateral damage. And that's its once-fledging textile industry. The textile, which accounts for 60% of Pakistan's exports, has struggled, ever since the economy fell by the wayside due to the balance of payments crisis. Moreover, the global economic slowdown has not helped the industry's case either. In 2022-2023, textile exports fell by 15% to 16.5 billion dollars.

Pakistan's textile industry in tatters

China's ballooning local government debt has become a problem that cannot be brushed aside

Local government debt threatens China's financial stability

China's household debt has surged to 63.5% and is now approaching the IMF's warning line of 65%. What explains the surging debt? What is china doing to bring it down? Molly Gambhir reports

Gravitas: China's household debt approaches IMF red line

China's household debt levels have reached record levels, a South China Morning Post report has said. According to a report released by the National Institution for Finance and Development (NIFD), the country’s household debt increased from 61.

More economic trouble for China?: Household debt rate inches closer to the IMF warning line

Gabon became the African nation to launch a debt-for-nature swap, on Tuesday (July 25) and plans to buy up at least $450 million of its government debt in exchange for an eco-friendly blue bond, reported Reuters.

Gabon releases tender for Africa’s first 'debt-for-nature swap': What is it?

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