IMF chief urges governments to tighten belts as global debt levels soar

IMF Managing Director Kristalina Georgieva urged governments in big economies to tighten budgets as soaring bond yields raise borrowing costs. She said global debt-to-GDP ratios are at their highest since the Second World War and on course to reach 100% in coming years. She added that growth alone cannot ease the burden, and that central banks may need a prudently hawkish stance.