2min chapter

GZERO World with Ian Bremmer cover image

Fix the global debt crisis before it's too late, warns World Bank's David Malpass

GZERO World with Ian Bremmer

CHAPTER

The Debt Restructuring Challenge in the G20

There's no international bankruptcy process. Sri Lanka, where 75 percent of your GDP is going just to service interest payments on debt, you've basically failed as an economy. China hasn't reached the point of saying that there should be an actual reduction in net present value. The G20 has these initiatives to try to get debt restructuring but there's no formal process.

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