Are we heading for another developing world debt crisis? | Larry Elliott

Western bank loans for projects in Africa were to be paid off via rising commodity prices. At least that was the theory…Global interest rates are rising. Poor countries are finding it tough to pay back money borrowed from banks in anticipation of a commodity windfall that never materialised. Stir in some dirty dealing that has seen funds stolen and what do you have? That’s right: the makings of another debt crisis.Poor country debt was supposed to have been sorted back in 2005, the year the Guardian changed from a broadsheet...

61 Published By - Network Front | The Guardian - 2018.01.14. 11:30
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