HSBC boss Noel Quinn has warned that a "global reckoning" may be approaching after debt ballooned in the aftermath of the 2008 financial crisis and during the Covid pandemic. That is because the world economy's rate of growth is too slow to handle the pace at which government debt is rising. Inflation and the interest rate increases that go with it are hampering the bounce-back following the pandemic. Those higher rates also mean that government's borrowing costs are going up. That is especially true in European countries such as Italy, but also for the UK. - The Sunday Telegraph