Typically called into action when poor countries get mired in debt, the International Monetary Fund will be confronted this week with mounting signs of trouble in the wealthiest ones.
Governments in America, Europe and Japan have seen their borrowing costs soar to multi-decade highs as the US war on Iran drives inflation up. That means they have to shell out more to service historically large debts – which in turn pushes them to borrow even more. It threatens to become a vicious circle.
