IMF Chief Urges Tighter Budgets as Global Debt Nears 100% of GDP

Kristalina Georgieva urged large economies to tighten budgets, warning global debt is near 100% of GDP, highest since World War II. Speaking in Singapore Oct. 7 before Bangkok meetings, she said growth alone won't fix it and requires 'very tough political choices.' High bond yields — government borrowing costs — are raising interest bills as defence spending rises.