SINGAPORE — Averting a U.S. debt default solves only the immediate fiscal problem for the West and its big creditors in Asia.
The U.S. sovereign debt path remains unsustainable. Investors are growing reluctant to lend cheap money to a handful of European countries.
Either of those problems could erupt into another bout of market-bruising uncertainty.
Some locations like Singapore and China are already taking steps to cut their exposure to the U.S. dollar, and Washington’s brush with default may hasten the shift. Full story
