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Can the world afford a Fed rate hike?

A stronger greenback, higher borrowing costs for firms and govts may add risks to already-weak global recovery

New York

WHEN Group of 20 (G-20) finance ministers last week urged the Federal Reserve to "minimise negative spillovers" from potential interest rate increases, they omitted a key figure: US$9 trillion.

That's the amount owed in dollars by non-bank borrowers outside the US, up 50