Statement from 182 experts say only debt cancellation offers chance of recovery but investors are playing hardball
Some of the world’s most powerful hedge funds and other investors are holding up vital help for crisis-hitby their hardline stance in debt-relief negotiations after the Asian country’s $51bn default last year, according to 182 economists and development experts from around the world.
The group – including the Indian economist Jayati Ghosh, Thomas Piketty, the author of the bestselling book Capital, and Greece’s former finance minister Yannis Varoufakis – said private sector creditors such as investment companies and hedge funds were preventing a deal. Private creditors own almost 40% of Sri Lanka’s external debt stock, mostly in the form of international sovereign bonds, although the higher interest rates levied on the bonds mean they receive more than 50% of external debt payments.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chalmers’ population challenge is as much about politics as economicsThe Population Statement 2022 released this week presents two key challenges: the first, how to pay for the growing cost of government services; and the second, how to deal with the politics.
Read more »
US imposes sanctions on Iranian officialsThe United States Treasury has imposed sanctions on Iranian officials connected to a company supplying drones to Russia. The sanctions have targeted six people linked to the Qods Aviation Industry and the director of Iran’s Aerospace Industries Organisation. Russia has been using Iranian drones to target Ukrainian infrastructure and civilian sites. US Treasury Secretary Janet Yellen said in a statement the US will continue to use every tool at their disposal to deny Russia's access to weapons.
Read more »
Grieving chopper tragedy survivors release images of aftermathFour survivors of the deadly Gold Coast helicopter crash have released a statement, and an update on how they&x27;re coping with the tragedy.
Read more »
The perils of predicting the futureA wrong call by funds management giant Fidelity shows the challenges of market predictions.
Read more »
Government show ‘callous disregard’ for regions by cutting blackspot fundingNationals Senator Bridget McKenzie says the Labor government are showing a “callous disregard for road fatalities” by cutting funds to a mobile blackspot program targeting “high risk” areas known for accidents. “The Labor government in their October budget ripped $69 million out of the program,” Ms McKenzie told Sky News Australia. “We want them to recommit that money so that we can be safe on our roads.”
Read more »
Six ways Albanese’s visit can help PNGBorder security and criminal justice are vital for Australia in PNG. But Canberra should also tap the Australian business community for insight.
Read more »