IJSSER

Title: SOVEREIGN DEBT CRISIS - A SILENT EPIDEMIC
Authors: Zainab Bie
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Zainab Bie Global Citizen Year Academy
MLA 8 Bie, Zainab. "SOVEREIGN DEBT CRISIS - A SILENT EPIDEMIC." Int. j. of Social Science and Economic Research, vol. 6, no. 10, Oct. 2021, pp. 3818-3831, doi.org/10.46609/IJSSER.2021.v06i10.013. Accessed Oct. 2021. APA 6 Bie, Z. (2021, October). SOVEREIGN DEBT CRISIS - A SILENT EPIDEMIC. Int. j. of Social Science and Economic Research, 6(10), 3818-3831. Retrieved from doi.org/10.46609/IJSSER.2021.v06i10.013 Chicago Bie, Zainab. "SOVEREIGN DEBT CRISIS - A SILENT EPIDEMIC." Int. j. of Social Science and Economic Research 6, no. 10 (October 2021), 3818-3831. Accessed October, 2021. doi.org/10.46609/IJSSER.2021.v06i10.013.
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Abstract: A situation in which a country is unable to pay back its government debt is known as a debt Crisis. Debt threatens to create a global development emergency in much the same way the pandemic has created a global health emergency. At the international level, the creditors, not a court, decide whether and under what conditions to require a country to pay its debt. Poor countries enter into debt crisis more often and suffer the most as loan repayments hamper country’s ability to invest in their economic future and IMF support is conditional on the implementation of macroeconomic and structural reforms. Such debt burden carried by impoverished countries affects citizens in the rich countries as well as Environmental damage caused by them has global repercussions. Hence, nobody is safe until everyone is safe. Robust macroeconomic, financial, and structural policies can help countries strike the right balance between the costs and the benefits of debt accumulation. Such policies are also critical to help reduce the likelihood of financial crises and alleviate their impact, if they erupt.

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