Devex Invested quoted Eric LeCompte on the growing debt crisis. Read the full article here.
Devex Invested: IFC’s focus on Africa: Makhtar Diop 1 year on
By Shabtai Gold and Adva Saldinger
Experts are worried about a distinct lack of urgency at the G-20 around the growing debt crisis, with the wealthiest nations likely to escape a major economic contraction.
“We are going to see a wave of defaults,” Eric LeCompte, executive director at the Jubilee USA Network, tells Shabtai.
While IMF and the World Bank are also concerned, the sense emerging from last week’s meeting of G-20 finance ministers is that we won’t see serious movement on an international debt relief framework until at least the leaders’ summit in Indonesia toward the end of the year — if at all.