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The Global South Is On The Brink Of A Disastrous Debt Crisis
Countries across the Global South are experiencing climate, poverty and development crises — all made worse by the unbearable costs of debt servicing. Indeed, according to Development Finance International, “Citizens of the Global South now face the worst debt crisis since global records began.” Low-income countries, which have seen the amount paid on foreign debt payment increase by 150 percent since 2011, are being hit especially hard.
In the exclusive interview for Truthout that follows, Ilene Grabel, a leading economist in global finance and global financial governance, sheds light on the roots of the Global South debt crisis and offers specific strategies for easing the debt burden of developing countries.
