Britain is 'sleep-walking' into a personal debt crisis with the number of people in severe debt problem topping a million due to the coronavirus pandemic, charity StepChange has warned.
The Chilean central bank said on Wednesday that the economy of the world’s top copper producer would contract between 5.5% and 7.5% in 2020, taking it to the lowest levels since the Latin American debt crisis of the 1980s.
An International Monetary Fund team currently in Argentina has held “productive” talks with local officials, a spokesman said on Thursday, though there was little detail on concrete progress about reaching a deal over the country’s debt crisis.
The government of Argentina's Chubut province will seek to delay payments on debt after Buenos Aires province, Argentina's largest, also asked its creditors for extensions as the country grapples with a debt crisis, local media reported on Friday.
Europe's debt crisis is pushing the 17-country Euro-zone toward recession and dragging down the global economy, the Organization for Economic Cooperation and Development said in a report.
The IMF called on Thursday for a policy game changer in the Euro zone to arrest the spread of the debt crisis it now says is clearly engulfing the entire currency bloc and its smaller neighbours.
When former European Central Bank Jean-Claude Trichet called last June for the creation of a European finance ministry with power over national budgets the idea seemed fanciful, a distant dream that would take years or even decades to realize, if it ever came to be.
European governments called for a bigger global financial emergency fund after engineering a firewall to fight the region’s debt crisis that tops the symbolic 1 trillion dollars mark.
International Monetary Fund should proceed with talks on increasing the size of its war-chest at the same time as Europe discusses how to build a firewall to contain its debt crisis, a senior official from the fund said on Friday.
The world economic outlook is quite gloomy and will require action by all countries, starting with those in Europe, to head off an escalating crisis that carries risks of a global depression, the head of the International Monetary Fund said on Thursday.