Why another debt crisis might be looming

Dec 20, 2017

A pedestrian holding an umbrella looks at an electronic board the stock market indices of various countries outside a brokerage in Tokyo, Japan, July 6, 2015. The euro and stock prices fell sharply in Asia on Monday after the Greeks had overwhelmingly rejected austerity measures demanded in return for bailout money, putting in doubt its continued place in the single currency. U.S. equity futures dropped around 1.4 percent while Japan's Nikkei shares fell 1.4 percent and MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent. REUTERS/Yuya Shino - GF10000149956

If policymakers waste time on trickle-down sophistry, the world may be headed for severe economic distress. Image: REUTERS/Yuya Shino

Kemal Derviş

Vice President, Brookings Institution

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