Failure to cut debt burden of some countries could hamper growth, spark conflict, Yellen says

Yellen told reporters traveling with her in Africa that she and other U.S. officials had gone through "many details of this debt overhang situation" during her meeting with Chinese Vice Premier Liu He in Zurich on Tuesday.

Yellen, long critical of the pace of China's efforts on debt treatments for Zambia and other countries, on Friday called again for China and other countries to provide "timely," "comprehensive" andYellen said U.S. officials expressed specific concern about Zambia, whose debt restructuring effort under the Group of 20 Common Framework has taken much longer to resolve than expected. Yellen will visit Zambia next week.

Failure to act would result in negative spillovers, including conflict, fragility, war, terrorism and migration, she said, sucking up resources that would hamper a country's ability to grow and move forward, Yellen said. Lenders would get less if a country "falls into economic chaos" than if it can invest and grow, she said.

Look at that lost monster in her cave

Don’t you think it is a touch ironic coming from the treasury secretary and former head of the Federal Reserve of the country that is over 31 Trillion dollars in debt? No self awareness…

✡️

Yes

Is the US one of them

Including the US

There is going to be a serious uprising against Chinese debt in Africa. The debt trap is going to destroy many African countries

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Yellen’s Treasury Dept. halts two federal retirement funds after government hits debt limitInvestments in two federal retirement funds will be suspended as part of ‘extraordinary measures’ More details please. What do these funds cover? Nice...boy am I glad I'm not relying on the government for my retirement, I can't even imagine how those retirees that put their whole lives into this country getting the short end of things And here comes the Biden spending pain.. enjoy America 🇺🇸 you voted for this…
Source: MarketWatch - 🏆 3. / 97 Read more »

US takes 'extraordinary' steps to avoid looming default of government debtTreasury Secretary Janet Yellen tells Congress that US failure to meet its debt obligations will cause 'irreparable harm' to the country's economy, as Republicans demand spending cuts.
Source: trtworld - 🏆 101. / 63 Read more »

The U.S. runs up against its debt limit — here’s what that means“Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,” Treasury Secretary Janet Yellen wrote to top U.S. lawmakers. How about the failure of the federal government to do anything that even closely resembles fiscal responsibility? A bigger threat than a government shutdown is that our current government continues to operate.
Source: MarketWatch - 🏆 3. / 97 Read more »