Up to $520bln in debt write-offs needed for emerging nations' climate goals

[rangerrebew]

 
Up to $520bln in debt write-offs needed for emerging nations' climate goals
Story by By Libby George • Thursday
 
LONDON (Reuters) - Up to $520 billion in debt needs to be written off to help developing nations at greatest risk of default return to a sounder fiscal footing and meet climate and development goals, according to a Boston University report released on Thursday.

The haircuts on debt owed to public and private creditors by 61 of the nations that are already in or are at most risk of debt distress are essential to avoid "cascading defaults," according to calculations from the Boston University Global Development Policy Center and the Debt Relief for a Green and Inclusive Recovery (DRGR) Project.
 
"Without ambitious debt relief, many of the poorest countries don't have a chance," said Kevin P. Gallagher, DRGR project co-chair and director of the Boston University Global Development Policy Center.

The COVID-19 pandemic, followed by food and fuel shocks in the wake of Russia's invasion of Ukraine in 2022, put enormous strain on public finances and led to soaring borrowing costs.

https://www.msn.com/en-us/money/companies/up-to-520bln-in-debt-write-offs-needed-for-emerging-nations-climate-goals/ar-AA19xIHf

[rangerrebew]

Of course, when all is said and done, the US will be expected to be the ones of forgive or repay nations who forgive the debt, no matter what the greens claim now.

By the way, isn't Boston University where AOC got her "education?"