Posted on 04/06/2023 4:39:47 AM PDT by Oldeconomybuyer
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.
This coincides with what experts warn is pending environmental catastrophe. The research found a correlation between debt distress and climate vulnerability; a string of debt-distressed nations, including Pakistan, Ethiopia and Malawi, have recently battled concurrent extreme weather events that intensified pressure on public finances.
The report warned that as financial markets increasingly factor climate-related risks into their assessments, it will become more expensive for those nations to borrow money - putting essential projects to cut emissions and bolster climate resilience out of reach. Widespread delays to those projects, Gallagher warned, could be catastrophic.
"The cost of delaying climate action in terms of the ecological impact, the storms, the social unrest -- those are so much more than what we are proposing here," he said.
(Excerpt) Read more at msn.com ...
all nations to become emerging nations to meet “climate goals”
Typical made to order “report” based on false premises. Emerging nations don’t have “climate goals.” Those are a luxury only developed nations can afford. Emerging nations want to develop energy infrastructure based on fossil fuels.
This climate crap has absolutely ruined our economy. Add in the Covid lockdown...and the government has us on our knees.
They’re gonna need to write off my mortgage if I’m gonna achieve my climate goals.
“...nations at greatest risk of default return to a sounder fiscal footing.” Now Reuters, that’s a joke. Most have NEVER been on a sound fiscal footing. I.e., money meet rathole.
More grift. More debt.
Please help with more and more new grift and more and more new debt, by starting over.
Show of hands on how long it will take those nations to get back into financial trouble?
If we would stop giving aid to all these nations then they would pump out less babies and that would solve climate change.
As a bonus the people approving these bogus loans would not get their cut.
year of jubilee
I was going to ask if the United States was on that list yet, but the total dollar amount indicated NO. And I’m not even sure if USA is up to being a 3rd world country, before the reparations payoffs begin.
It better. Otherwise it'll all look like a total scam.
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