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Private-debt risks are hiding in plain sight
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Carmen M Reinhart is chief economist of the World Bank Group; Leora Klapper is lead economist of the finance and private sector research team of the Development Research Group at the World Bank
When Russian tanks rolled into Ukraine, private-debt crises were probably already brewing — albeit hidden from view — in many parts of the world, as a result of the economic disruptions caused by the pandemic. Now, the war is pushing even more countries towards similar crises.
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