BIS flags over-reliance on consumerism and foreign-currency debt

London

THE Bank For International Settlements (BIS) has issued a stark warning that the global economy has become too dependent on consumerism and excessive foreign-currency debt.

The risks to both developed and emerging economies are thus a combination of a rise in the US dollar and higher interest rates, which could cause an ultimate slide in global financial markets and a downturn in economies.

This is the overall message of t…