World must combat looming debt meltdown in developing countries | Joseph Stiglitz

If international community wants to avoid wave of Covid-19 defaults it needs to start rescue plan

As it spread from one country to another, the coronavirus paid no attention to national frontiers or “big, beautiful” border walls. Nor were the ensuing economic effects contained. As has been obvious since the outset, the Covid-19 pandemic is a global problem that demands a global solution.

In the world’s advanced economies, compassion should be sufficient motivation to support a multilateral response. But global action is also a matter of self-interest. As long as the pandemic is still raging anywhere, it will pose a threat – both epidemiological and economic – everywhere.

Related: Now the world faces two pandemics – one medical, one financial | Robert Shiller

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Read more: theguardian.com