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How to resolve the looming global debt crisis

Martin Wolf

Low- and lower-middle-income developing countries have been hit hard by shock after shock over the past three years. That was the topic of this column last week. But the damage isn’t just in the past, it’s also lurking in the future. The world’s poorest countries (which have a significant share of the world’s poorest people) could suffer a “lost decade”. That would be a human catastrophe and a colossal moral failure. It will affect the future of all of us, especially the future of Europeans, because Europe is not far from some of the “hardest hit” countries. Something must be done, starting with dealing with the now looming debt crisis.

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