It’s time to reform global lending, say U.S. Bishops

A global response to COVID-19 demands a merciful response to debt.

Just a few years back, historically low interest rates provoked a debt binge among governments in the developing world, one partly bankrolled by new geopolitical players like China or cheerfully packaged into new lending instruments by First World banks and investors seeking to maximize returns on capital reserves. By the time the debt bazaar closed, developing countries owed a record amount to foreign investors, banks, and governments, the New York Times reports.

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