IMF's second-in-command warns of the fragile state of the global debt market, cautioning against underestimating the level of borrowing.

Gita Gopinath, the first deputy managing director of the International Monetary Fund, warned that the levels of borrowing in the global economy should not be taken lightly, and that the bond market is in a "fragile state". "Debt levels are incredibly high and continue to rise," Gopinath said on Thursday. "In the past, you might have said, 'So what? The market can handle it.' But now the situation is different, even in advanced economies." Gopinath, who is the second in command at the IMF, is set to step down this week and return to Harvard University, where he pointed out signs of debt concerns in the bond markets of France and the UK, as well as in long-term US bonds.