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US Urges Action on ‘Generational’ Debt Risks, Calls Out China
The world’s largest creditors should take coordinated and decisive action to address the “generational challenge” of poorer nations struggling with unmanageable debt burdens, a top US Treasury official said, aiming specific criticism at China, the biggest lender to emerging markets. Jay Shambaugh, US Treasury undersecretary for international affairs, set out in a speech Thursday the US vision for international finance that calls on official and private creditors, as well as international financial institutions. Low and middle-income countries committed to ambitious economic and climate goals should be able to ... (full story)