Fitch Ratings, a major U.S. credit-rating agency, has just downgraded Ukraine’s credit rating to ‘restricted default.’ This decision came after Ukraine missed a crucial payment deadline on a $750 million Eurobond that was due on August 1, 2023. The country had a ten-day grace period to make the payment, but
Last month, US Federal Reserve Chairman Jerome Powell warned that America’s rising debt is unsustainable, echoing concerns from El Salvador’s President Nayib Bukele who called the Fed’s money-printing a “bubble” waiting to burst. Central banks around the world are increasingly abandoning the US dollar, driven by the US’s financial sanctions
Egypt’s economic woes worsened under President Abdel Fattah el-Sisi, whose ambitious $300 billion New Administrative Capital project has exacerbated poverty and inequality. Sisi’s regime faces a severe debt crisis, forcing austerity measures that disproportionately burden the poor while enriching military elites and their allies. Despite massive investments in mega-projects, Egypt’s
America’s massive $28 trillion debt threatens its global power, echoing past empires like Rome, Spain, France, and Britain, which crumbled under similar financial strains. America is sailing into dangerous waters of debt, with the government racking up trillions in borrowed money while the public and politicians seem strangely unfazed. Both
The minutes from the March meeting of the Federal Open Market Committee show that the Fed expects a banking crisis to cause a recession this year.
The founder of Elliott Management and one of the world’s most successful hedge-fund managers, Paul Singer, was the man who saw the economic crisis coming. He also predicted inflation at the start of the Covid pandemic.
Sri Lankan President Gotabaya Rajapaksa announced a state of emergency on Friday as violence erupted in Colombo during large rallies against economic mismanagement.
