Thursday, May 18 — 1 significant news story

Today ChatGPT read 1283 top news stories and gave 4 of them a significance score over 6.5.

After removing duplicates and repeats, here is today’s significant news:

[6.6] Global debt reaches near-record high of $305 trillion amid concerns of a credit crunch. — CNBC

The global debt increased by $8.3 trillion in the first quarter, reaching nearly $305 trillion, as central banks tightened monetary policies. The combination of high debt levels and rising interest rates has raised concerns about leverage in the financial system. Central banks have been increasing interest rates to control inflation, with the US Federal Reserve raising its rate to its highest level since 2007. The Institute of International Finance warns that a credit crunch, a sudden scarcity of available loans that hampers borrowing and economic activity, could lead to higher default rates and more "zombie firms", a firms that needs bailouts in order to operate. The global debt is now $45 trillion higher than before the pandemic and is expected to continue rising rapidly. 

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