Jun 15, 2022 - 12 min
Low — and middle-income countries still have to pay $130bn in debt service. "A global debt crisis today will push millions of people into unemployment and fuel instability and violence around the world. Many will seek jobs abroad, potentially overwhelming border-control and immigration systems in Europe and North America. Another costly migration crisis will divert attention away from the urgent need to address climate change. Such humanitarian emergencies are becoming the new norm." Joseph Stiglitz and Hamid Rashid comment for the Guardian.