In the corridors of global finance, a quiet but consequential shift is underway. Wall Street is experimenting with a new phrase, “disaster debt”, shorthand for an emerging anxiety: that the developing world’s collective liabilities, now exceeding US$33 trillion, are approaching a breaking point. Behind the jargon lies a stark truth — global debt is entering an era of structural vulnerability. The question haunting trading desks in New York and London is no longer if sovereign stress will erupt again, but when and how it will be…