Rising global sovereign debt for about 199 trillion dollars 10/8
Rising global sovereign debt for about 199 trillion dollars October 8th, 2015
Detection of the United Nations Conference on trade and Development UNCTAD, the high volume of sovereign debt, to around 199 trillion dollars at present, compared with around 21 trillion dollars by about 31 years.
UNCTAD said in a report released and followed "our economy" newsletter that "sovereign debt rose during the 31 years of 21 trillion dollars in 1984 to 87 trillion dollars in 2000, then rose to a level 142 trillion dollars by the end of 2007, since the outbreak of the financial crisis during 2007/2008, the total debt accumulated over 57 trillion dollars, reaching 199 trillion dollars at present.
The report drew attention to the "current conditions lead to the necessity of advocacy to find appropriate mechanisms to tackle the sovereign debt crisis worsened, and certainly the majority of States will be affected by its consequences during the coming period."
"External debt of companies in emerging markets, tripled from 2008, up to more than $ 2.6 trillion.
UNCTAD said that "sovereign debt crises in developing economies, and economies in transition, not arising from irresponsible financial extravagance, but it probably occurs as a result of government intervention, saving private alkadrali debts".
The report confirmed that "the preferred option, which is characterized by efficiency and equity, is a legal approach, based on a multilateral treaty, establishing a set of binding norms and standards agreed within the framework of an international mechanism to deal with sovereign debt".
According to a statement issued by UNCTAD, the Secretary-General of UNCTAD said Mukhisa Kituyi,, that "such a mechanism not only to facilitate the restructuring of the debt, which could no longer bear the burdens of service, in accordance with the terms of the original contract, but they also help prevent a financial collapse, countries facing difficulties in servicing their external debt.
"Sovereign debt is the debt of sovereign Governments, and most of these debt bonds, and when governments issuing bonds."