News Snapshot:
President Biden reportedly plans to meet with China’s president Xi Jinping on the sidelines of the G20. He should raise the issue of resolving developing country debt, much of it held by China, a problem requiring a political solution. In the last 15 years, developing countries have increasingly borrowed from China and the “private sector” — a diverse set of financial players. The COVID-19 shutdowns, Russia’s invasion of Ukraine, food and energy price spikes, and interest rate increases in the G-7 countries all mean that we are likely going to see a wave of defaults and political instability — unless...
