Mass default looms as world sinks beneath a sea of debt - Geneva Report

``Contrary to widely held assumptions, the world has not yet begun to de-lever. In fact global debt-to-GDP -- public and private non financial debt - is still growing, breaking new highs by the month. There was a brief pause at the height of the crisis, but then the rise in the global debt-GDP ratio resumed, reaching nearly 220c of global GDP over the past year. Much of the more recent growth in this headline figure has been driven by China, which in response to the crisis, unleashed a massive expansion in credit.''