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Barclays braces for a macro storm

Talking Heads 2025: Developed markets are racking up debt. Finding buyers could be difficult, says macro head Hossein Zaimi

Barclays Bank offices at night with corporate logo shining brightly
Credit: Alamy/Sam Oaksey/Risk.net montage

This article is part of our annual Talking Heads series of interviews.

As developed countries continue to rack up deficits, the big question looming over markets is, who will buy the growing pile of sovereign debt?

Hossein Zaimi, global head of macro at Barclays, doesn’t have the answer, but he is pretty sure the prevailing view in financial and government circles is wrong.

“The sustainability of the

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