The Urgency of Global Debt Reform
The world’s poorest countries, grappling with an escalating solvency crisis, are paying the price for disagreements among major creditors. Without a more effective mechanism for resolving these disputes, many developing countries will remain trapped in an endless cycle of debt distress.
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WASHINGTON, DC – High debt levels are once again setting off alarm bells around the world. In developed countries, attention is focused on the rapid increase in public debt, while developing economies are struggling to service their external obligations amid slowing growth and stagnating exports.