Africa needs to advocate more aggressively for its own interests when it comes to negotiating debt terms.
Zambia’s foreign debt stalemate handicaps the country’s ability to raise funds for education and health.
The current approach to debt restructuring has failed Zambia.
Africa needs an alternative approach to restructuring government debt.
African countries are essentially placed in the position of a supplicant appealing to the kindness of creditors.
A Russian foreign debt will have limited implications for global financial markets but will affect Russia’s credit risk profile.
Experts discuss the implications of Russia’s recent debt default for the global financial markets and Russia’s reputation
At the heart of the economic war: the parity of the rouble.
The idea: to use the credit channel by making foreign banks bear the consequences of the devaluation of the Russian currency.
PM Boris Johnson (left) and Chancellor Rishi Sunak have come up with money to underwrite wages, rescue packages and meal vouchers during the pandemic.
Jonathan Brady/PA Wire/PA Images
Developing countries face greater risks raising money to deal with the pandemic. Zambia is now on the verge of being the first ‘COVID default’ and other developing countries could follow suit.
People wearing face masks walk in front of a euro sign in the center of Frankfurt am Main, Germany (October 21, 2020).
The global economy is currently experiencing its severest contraction since the 1930s. While capitalism will survive, its fundamental structure can change at critical historical junctures.
Shopping under quarantine in Buenos Aires.
Juan Ignacio Roncoroni/EPA
Argentina’s new President Alberto Fernández has no easy option to address yet another crisis.
Ethiopia’s economic growth hovered between 8%-11% for over 10 years but its sovereign credit rating has not been upgraded
The alarm being raised by multilateral financial institutions about rising government debt across Africa is exaggerated. The real problem is that African governments pay way over the odds for debt.
A rally celebrating the second anniversary of Russia’s annexation of Crimea, March 18, 2016.
Almost one-third of countries around the world are authoritarian regimes with the trappings of democracy. Their bad behavior poses a threat to real democracies, as the United States recently learned.
African cities are failing to raise development funds through bond markets.
International investors are still rattled by President Jacob Zuma’s sacking of respected Finance Minister Nhlanhla Nene.
South Africa has narrowly escaped a downgrade of the rating of its sovereign bonds, but government has its work cut out as it seeks to restore investor confidence and lift economic growth.
Greece needs genuine European support.
Economic sense has been largely irrelevant in the unfolding Greek drama. Instead, morality has been at its heart.
African countries are facing a huge problem brought on by a sovereign debt crisis.
At least a dozen sub-Saharan Africa countries have raised debt through sovereign bonds. The chickens are now coming home to roost.
Cracks are showing up in the growth success stories of emerging markets like Brazil.
Debt is the reason jitters for emerging markets are now worse than during the Asian financial crisis.
Credit rating agencies often elicit criticism when they downgrade countries.
Credit rating agencies have come in for a lot of flack. But the bottom line is that to attract investors with deep pockets countries can’t avoid having a credit rating. And a good one at that.
Large movements in relative prices will create winners and losers this year, the IMF has said.
A new IMF report predicts a crackdown on cheap credit in China will help reduce China’s real GDP growth rate from 7.4% last year to 6.8% this year and further weaken demand for Australian commodities.
Playing with fire?
Decades ago, before Yanis Varoufakis became the rock-star finance minister of Greece, he and I developed some game-theoretic models of macroeconomics. The gist of the work was this: for monetary authorities…
We all want governments to do more with our taxes, so should we be willing to pay more?
Photo sourced from Shutterstock.com
The same deep forces that were behind the election result in Queensland are being played out in Canberra. The Australian people want, although most won’t admit it, higher taxes – either now or in the future…
Newly appointed Finance Minister Yannis Varoufakis arrives at the Presidential Palace to be sworn-in under Greece’s new government.
Since 2009, the economic situation of Greece has helped expose the architecture and policy regime problems of the European Union and the eurozone. On Sunday the Greek electorate rebelled against the self-defeating…