Puerto Rico says it will not make bond payments due on Monday. The US territory is struggling with spiraling debt.
In its latest Financial Stability Report, the IMF has warned of greater global financial risks. It highlighted rising public and corporate debt levels in many nations and capital outflows in emerging economies.
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.
Italy's governing 5-Star party is on track to triple the previous government's budget deficit goals by next year. Fitch has now revised Italy's debt outlook from stable to negative.
An explosion at Puerto Rico's main power substation has left thousands of people without electricity and taken two other power units offline. The US territory is still reeling from the last year's Hurricane Maria.
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