The boss of HSBC has warned the world is at a “tipping point” on debt that will “hit hard” following years of government borrowing binges.
Chief executive Noel Quinn said the rate of borrowing at the moment is unsustainable.
Quinn said at the Future Investment Initiative Institute’s summit in Saudi Arabia: “I’m concerned about a tipping point on fiscal deficits. When it comes, it will come fast and I think there are a number of economies in the world where there could be a tipping point and it will hit hard.”
