Emerging MarketsIrresponsible government borrowing has caused debt in many African countries to reach crisis level Over the past 10 years more than 80 billion in bonds have been issued to thirsty European investors by governments in Africa south of the Sahara with public debt now making up about half of GDPBilateral loans especially from China add to the crisis Now a decade after a continentwide write off the debt is increasingly looking toxic with each passing day thanks to rampant corruption within governments a cost that citizens are often forced to bear through higher taxes