The IMF, in its Global Financial Stability Report, is warning that governments and central banks risk tipping the world into a fresh financial crisis.
Emerging market companies have "over-borrowed" by $3 trillion in the last decade. The oncoming wave of defaults that will imperil an already weak global economy.
Add in a combination of lingering debt burdens in advanced economies, and vanishing market liquidity and you have the "perfect storm".
The IMF wants the Federal Reserve to hold off on its first interest rate hike in nine years, and for the authorities in the eurozone and Japan to continue with unprecedented stimulus measures.