A decades-long crisis is getting worse, and now dozens of nations are spending more on interest payments than on health care or education.
The Vaticans meeting on the global debt crisis last week was not quite as celebrity-studded as the one that Pope John Paul II presided over 25 years ago, when he donned sunglasses given to him by Bono, U2s lead singer.
But the message that the current pope, Francis, delivered this time to a roomful of bankers and economists instead of rock stars was the same: The worlds poorest countries are being crushed by unmanageable debt and richer nations need to do more to help.
Emerging nations are contending with a staggering $29 trillion in public debt. Fifteen countries are spending more on interest payments…
Read the full article at: https://www.nytimes.com/2024/06/14/business/government-debt.html
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