Credit Stress....Short BanksState Street Financial Select Sector SPDR ETFBATS:XLFUCHE9121 Public and Government High debt loads. Government debt refinancing pressure as 42% of global public debt—nearly $42 trillion—is scheduled to mature by 2027, requiring governments to refinance at rates nearly double those of the previous decade. Weakening Debt Affordability: Interest payments are consuming an increasing share of government revenues. Chinese government buying up massive amount of unsold properties local government debt burden rises.