Global Debt too High?

Private Debt is higher than before the previous crisis. Valuations have grown exponentially since the crisis and we are seeing market all-time highs. According to this article http://www.express.co.uk/finance/city/865638/Euro…,

The IMF said that if a crisis were to break out, Europe would be hard hit than the United States.
.

This comes at a time where the Eurozone has had strong economic growth recently. If another crisis was to break out what do you guys see causing it? What regions or countries do you think will be affected the most?

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