‘Catastrophic consequences for people’s lives’: Debt crisis looming for developing world due to Covid response, UN chief warns ...News

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‘Catastrophic consequences for people’s lives’: Debt crisis looming for developing world due to Covid response, UN chief warns
source : Russia Today ( News ) () 10
The world faces severe problems of debt sustainability in the wake of the coronavirus crisis that have not been properly understood or addressed, United Nations (UN) Secretary-General Antonio Guterres told the Financial Times. “The response to Covid and to the financial aspects [of the crisis] has been fragmented, and geopolitical divides are not helping,” Guterres said, adding “It has been too limited in scope and too late.”  According to him, the fact that only six countries defaulted on their foreign debts last year – Argentina, Belize, Ecuador, Lebanon, Suriname and Zambia – created the “illusion” of stability and a “misperception

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