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Tackling Sovereign Debt

Tackling Sovereign Debt

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 The concept of sovereign debt sounds really simple. A country borrows money—usually from other countries, big public banks, or private institutions. And then it pays that money back, with interest. But the reality of sovereign debt is much more complicated, because the rules are stacked against countries that borrow money, many of which are in the global south. This has led to the situation where close to half of all African countries are spending more money just to pay the interest on their debts than they do on essential services like education or health care. In this episode, we’ll discuss how this all happened. And we’ll hear about some of the ways people are rethinking sovereign debt to make sure countries looking to finance their future don’t have to mortgage away their present. Host Karen Given speaks with Jason Braganza, the executive director of the African Forum and Network on Debt and Development. Her other guest is Martín Guzmán, a professor of international and public affairs at Columbia University and member of the Pontifical Academy of Social Sciences at the Vatican. *********** If you'd like to learn more about the ideas and actions to create new rules for a broken system, please check out “Global Governance Reimagined,” a special report from FP Analytics. The views and opinions expressed in Global Governance Reimagined do not necessarily represent the views, opinions, or endorsement of FP Analytics or the Ford Foundation. And remember, this is an ongoing conversation. Discussions about changing the rules of foreign aid, sovereign debt, and global finance are continuing at the U.N. General Assembly, taking place now in New York, and beyond. Be sure to check out coverage from Foreign Policy. New Rules for a Broken System is produced by FP Studios with the support of the Ford Foundation.
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