Global debt tops $365 trillion as economists sound alarm over 'vicious cycle'

Governments are trapped in a "vicious cycle" as large deficits meet rising interest expenses but are not met by political will to tackle the situation, the Institute of International Finance has warned. The U.S., Japan, France and U.K. are facing the challenges typically met by emerging markets, while interest payments by advanced economies have topped global spending on AI, defense or clean technology.