Debt of developing countries

The debt of developing countries refers to the external debt incurred by governments of developing countries, generally in quantities beyond the governments' ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The causes of debt are a result of many factors.

Some of the current levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited in western banks provided a ready source of funds for loans. While a proportion of borrowed funds went towards infrastructure and economic development financed by central governments, a proportion was lost to corruption and about one-fifth was spent on arms.

Debt abolition

Latest News for: World debt


Democrats have no easy options for raising the debt limit

Finger Lakes Times 16 Jun 2021
government doesn’t default on its obligations to its citizens and creditors around the world ... It may prove even more difficult this year given narrow Democratic majorities in the House and Senate, and projections the debt is on a path to break the post-World War II record as a share of the economy....

Credit trap: debt and dispossession in Central Asia

Open Democracy 16 Jun 2021
debt relief and the prevention of their houses being repossessed ... In 2019, Kyrgyzstan had the fifth-highest real lending interest rate in the world. For more than a decade, women in the country’s rural areas have been protesting against debt, house repossessions and exorbitant interest rates ... Anti-debt movement member....

COVID debt restructuring push not advanced enough, IMF chief cautions

Reuters 16 Jun 2021
LONDON, June 15 (Reuters) - Efforts to restructure unsustainable debt burdens in some of world's poorest countries has not made enough progress, the head of the International Monetary Fund Kristalina Georgieva said on Tuesday ... of the lack of take up for the debt relief plan....

COVID debt restructuring push not advanced enough: IMF chief

Live Mint 16 Jun 2021
Efforts to restructure unsustainable debt burdens in some of world's poorest countries has not made enough progress, the head of the International Monetary Fund Kristalina Georgieva said on Tuesday ... Premium Premium Ahead of ₹10,000-cr G-Sap, states see debt cost fallin .......

Empire of Clowns vs. Yellow Peril

Information Clearing House 16 Jun 2021
Real life dictates that even accounting for the inbuilt structural inequality of the current world system the G7’s economic output barely registers as 30% of the global total ... As if the Global South would fall for this remixed IMF/World Bank-style debt abyss....

The real B3W-NATO agenda

Asiatimes 16 Jun 2021
Enter “green,” “inclusive” Build Back Better World (B3W), billed as the Western “alternative” to the Belt and Road Initiative (BRI) ... It’s China as a rising global power that in fact has proposed an “alternative” to the Global South in the first place, a counterpunch to the endless IMF/World Bank debt trap of the past decades....

Korea’s ‘innotech’ economy maddens analog Japan

Asiatimes 16 Jun 2021
The scariest among them is the return of deflationary pressures Tokyo tried to eradicate for 20 years and a dangerous disconnect between a shrinking population and surging government debt ... In a perfect world, the fast-growing role of the service sector, now roughly 70% of gross domestic product (GDP) and 75% of employment, marks progress....

Another NATO Summit, Another Endless Subsidy for Europe

Antiwar 16 Jun 2021
Yet Americans are supposed to continue spending their money and risking their lives to protect the Europeans? Even when the US faces enormous problems at home, including a rapidly increasing national debt, which as a burden on the economy will surpass World War II levels this year and could hit more than 200 percent of GDP by 2050?....

Study Reveals Majority of IT Leaders Consider Technical Debt One of the Biggest Threats to ...

Daily Freeman 15 Jun 2021
, a global leader in modern application development, today reported that 69% of IT leaders identify technical debt as a major threat to ... To find out more about how and where technical debt is affecting business and IT leaders around the world, visit or download the full report ....

Bitcoin And The Illusion Of Reality

Bitcoin Magazine 15 Jun 2021
We currently have $18 trillion of negative-yielding debt globally.19 In ...World’s Negative-Yielding Debt Pile Hits $18 Trillion Record.” Bloomberg, December 11, 2020, https.//

'Standard of living is lower' in the US because of national debt: expert

Yahoo Daily News 15 Jun 2021
budget deficit for fiscal 2021 totaled more than $2 trillion dollars at the end of May and the president of the Committee for a Responsible Federal Budget, Maya MacGuineas, said the growing national debt threatens every American.  ... Foreign governments hold more than $7 trillion of that debt which costs U.S....

EU launches landmark new bond programme to near record demand – lead

Metro USA 15 Jun 2021
The EU has already issued 90 billion euros of debt since last October to back its employment support programme SURE. But the scale of the new programme, which the 27-country EU is managing similarly to a government borrower, has the potential to transform it into the world’s biggest supranational debt issuer....

The reality of debt-related anxiety and how to face the fear of financial insecurity: 'My heart was racing'

The National 15 Jun 2021
Lost and Vampire Diaries actor Ian Somerhalder shocked his fans recently when he took to social media to reveal that the debilitating effects of being in debt had led him to be hospitalised four times over the past two years, an experience he said destroyed his “body, mind and spirit” ...Debt is one of the world’s most common causes of stress’....

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