Australian Mercantile Collections

$29 Trillion: That's How Much Debt Emerging Nations Are Facing – The New York Times

$29 Trillion: That's How Much Debt Emerging Nations Are Facing – The New York Times

A decades-long crisis is getting worse, and now dozens of nations are spending more on interest payments than on health care or education.

The Vatican’s meeting on the global debt crisis last week was not quite as celebrity-studded as the one that Pope John Paul II presided over 25 years ago, when he donned sunglasses given to him by Bono, U2’s lead singer.

But the message that the current pope, Francis, delivered this time — to a roomful of bankers and economists instead of rock stars…

View the full article to continue reading…