Lebanon's public debt has been climbing since the end of its civil war, in 1990. It now stands at 152 percent of gross domestic product
Debt has been rising around the world and according to a new report, the trend is unlikely to stop anytime soon. Some African countries are so indebted that they don't even bother trying to service their debt anymore.
Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account?
Italian Deputy Minister Michele Geraci has told DW it makes little sense to compare the Italy of today with Greece when it faced an international bailout. He defended Rome's budget plan, saying it would fuel growth.
While domestic corruption and mismanagement are part of the problem, activists say the situation is complex. The international community is also to blame for the enormous mountain of debt threatening African economies.
© 2019 Deutsche Welle |
Legal notice |
| Mobile version