Three international bodies warn of risks of rising debt and soaring borrowing in major economies

The City of London. The OECD said the global economy had withstood the Iran war better than first feared but the recent resurgence in oil and gas prices posed risks. Photograph: Andy Rain/EPA

Three heavyweight international bodies have issued stark warnings about the risks of rising debt levels and soaring borrowing costs across large economies.

The Paris-based Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF) and the International Institute of Finance (IIF), the voice of global banking, on Wednesday highlighted the dangers of soaring interest rates on $365tn (£275tn) in global borrowing.