Global debt soars, along with fears of crisis ahead

Washington

TEN years after the worst financial panic since the 1930s, growing debt burdens in key developing economies are fuelling fears of a new crisis that could spread far beyond the disruption sweeping Turkey.

The loss of investor confidence in the Turkish lira, which has surrendered more than 40 per cent of its value this year, is only a preview of debt problems that could engulf countries such as Brazil, South Africa, Russia and Indonesia, some economists say.