Global ‘Jubilee’ Looms As G20 Finalizes Debt Relief Program For World’s Poorest Countries
- What I have been saying for many many, years. Gold is the perfect debt extinguisher. The new Quantum Financial System is being brought online. They have been testing it for at least 1 year I believe. Expect a Global Financial Reset and a Return to the Gold Standard. See also:
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Michael Hudson: A Debt Jubilee is the Only Way to Avoid a Depression
– - Global ‘Jubilee’ Looms As G20 Finalizes Debt Relief Program For World’s Poorest Countries
by Tyler Durden, https://www.zerohedge.com/
Hours after Pope Francis on Easter Sunday morning said the debt burden on the most impoverished countries should be forgiven (aka debt jubilee), the Financial Times is now reporting that the G20 group is nearing a critical “action plan” to freeze debt servicing payments for poor countries to stave off an emerging-market meltdown.
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The new relief program could be finalized on April 15 on a videoconference of finance ministers and central bank governors. The plan would “freeze on sovereign debt repayments for six or nine months, or possibly through to 2021,” the official told the Times.
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The official said developed countries and multilateral institutions would use this period to write up “very clear criteria, country-by-country of what exactly is going to happen. Is it debt relief totally? Is it just a deferment, a rescheduling?” “For debt relief to happen, it would take time for it to be co-ordinated,” the official said.
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“But what is immediately needed is to give these people space so they don’t need to worry about the cash flow and debt servicing going to other countries, and they can use that money for their immediate needs,” the official said, who did not want to be named due to the sensitivity of the discussions.
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Last week, the British-based Jubilee Debt Campaign called for a worldwide debt jubilee to avoid some of the world’s poorest countries from collapsing into chaos amid the COVID-19 crisis.
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