UK consumers have made net repayments on their credit cards for the first time in almost seven years, as households across the country rein spending in and rebuild their finances after a boom in borrowing.
After a decade-long debt crisis that made Greece a bond-market pariah, the country now enjoys the luxury of having no financing needs for 2020. Yet the government’s 2020 budget shows it still plans to sell new debt.
India’s government should avoid a fiscal stimulus to spur the economy, and focus instead on cutting public debt so that financial resources can be freed up for investment, the International Monetary Fund said.
Emerging market and developing economies (EMDEs) pushed their borrowing to a record $55 trillion (£42 trillion) last year, according to the World Bank, marking an eight-year surge that is the “largest, fastest and most broad-based in nearly five decades”.
Record commodity prices and low global interest rates have encouraged African countries to borrow like they did in the 1990s, but now some are struggling to pay up as their revenue slows along with economic growth.
Americans are waiting longer to buy their first homes, have more debt and more often need family help to make the purchase amid a supply crunch that is pushing up prices, according to a new data released Friday.
Puerto Rico’s power utility struck a deal with a group of creditors that seeks to allow the bankrupt US commonwealth to restructure more than $8 billion of bonds, according to an announcement by government authorities on Friday.
A Chinese state-backed borrower’s failure to make good on a payment on a dollar bond threatens to overturn assumptions that officials would step in to avert defaults by companies closely linked to local authorities.
Chinese regulators have cut the premium that local governments must pay to issue debt, sources with direct knowledge of the matter told Reuters on Tuesday, lowering their borrowing costs as Beijing hopes to kick start investments and shore up growth.