How truth about debt sets a nation free

Source: Christian Science Monitor
by staff

“Honesty will be a prime topic at the Group of Seven summit this weekend in Japan. For leaders of these wealthy nations, there’s still too much secrecy around an estimated $326 billion in debt held by more than 70 low-income nations. A default by any one of them –– or worse, a country caught lying about its statistics — could spark a global financial crisis. ‘It is essential to improve debt data transparency and accuracy to prevent future debt crises,’ says Japanese Finance Minister Suzuki Shunichi. Yet the fact that the G-7 is even pressing more nations to be open about their debt details is a testament to the honesty already achieved in official data. Since the 1994-95 Mexican financial crisis, both the World Bank and International Monetary Fund have raised global standards by helping dozens of countries adopt advanced reporting systems.” (05/19/23)