South Africa handed the G20 presidency to the United States on Sunday, shifting leadership away from the Global South at a time when debt risks in poorer nations are rising sharply.
French Prime Minister François Bayrou has unveiled a sweeping budget plan that includes scrapping two public holidays—Easter Monday and 8 May, which marks Victory in Europe Day—to tackle the country’s growing debt crisis.
Germany’s public debt is projected to climb from 62.5% to 74% of GDP by 2030, driven by record defence and infrastructure spending, according to a report by the European rating agency Scope.
Abdul Qader Husariya, governor of the Central Bank of Syria, said on Friday that Syria will not borrow from abroad.
Global debt rose by around $7.5 trillion in the first three months of the year to hit a record high of over $324 trillion, data from a banking trade group showed on Tuesday.
Since joining in 1956, Argentina has become the IMF’s biggest debtor. On Friday, it secured a new $20B deal—its 23rd program. The first dates back to 1958 with a $75M loan. In total, Argentina has received $177B from the IMF to fight inflation and repeated economic crises.
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