UN warns next global financial crisis may include huge debt defaults

‘If the global economy enters a new economic crisis it may lead to epic debt defaults, according to trade economists at the United Nations.
“As capital begins to flow out, there is now a real danger of entering a third phase of the financial crisis which began in the United States housing market in late 2007 before spreading to the European sovereign bond market,” the annual report of the UN Conference on Trade and Development (UNCTAD).
Following the 2008-2009 crisis, developing countries faced a huge influx of cheap credit. The process was heated by quantitative easing programs in the developed nations.’
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