New World Bank chief economist Carmen Reinhart warned that the global south faces “an unprecedented wave of debt crises and restructurings”.  Reinhart said: “in terms of the coverage, of which countries will be engulfed, we are at levels not seen even in the 1930s.”  Debts owed by non-financial companies in the 30 largest emerging markets rose to 96 per cent of gross domestic product in the first quarter of this year, more than the amount of corporate debt in advanced economies, at 94 per cent of GDP, according to the IIF.

https://thenextrecession.wordpress.com/2020/10/12/debt-disaster-with-no-escape/