to ease anxiety will continue to make the most efficient sound noise for synagogues jail. the opposition leader is non sancho say they will appear will be rejection if has been to run in next most presidential election. it follows his disqualification by the constitutional counsel on friday. some cause legal team says the decision is on the founded aim is removed from the electra register after being sentenced in june to 2 years in prison, some morally corrupting a young person charges he has denied the present in football. legend, nadia is a gallery. the 1st peasant, when the world compet supply and as a coach has died at the age of 92, the window was part of the school that lifted the trophy in 1958 and again 4 years later, off to retirement, he returned to the game as a manager guiding principles national team to victory, right in 19701994. the head of results, football federation,

described him as one of the biggest legends off this boat and back to garza and some palestinians that also has become the any form of expression on escapes as well as on sort. surely a guy has a story of one paint at trying to make an austin impact a mall. abu l silva is 26 years old. she paints and ruins left behind from israel's military suit on rafa and southern garza, the russell, the buildings that palestinians, one school time has become how come this one of the i didn't search for areas that remained intact on the country. i searched for houses that were destroyed with innocent civilians inside them, such as this house where more than 10 bodies were pulled from under the rubble. the mall was supposed to be displaced from central garza. she escaped to survive another day,

but refused to leave her brushes behind the time and to continue showing the resistance of palestinians through her walk and turning that dark reality into a colored memory of resilience. and i decided to paint this mural using all available colors in order to send a strong message through the drawings, you see head to toe, o arab nations, that we will remain in our land. and we will never leave it as the mall complete, samuel tied to call to 2024. she's hopeful the once the will and the people of palestine can invite the come the screen and stall to eva once again. judy vega out to 0. okay, that's it for me. my name's side funny about to be here in around setting that it's with move a days nice catch him is the,

the tales of life scorched fine for you? real quick accounts rising from beneath the rubble desperate stories salvaged on the high seas, brought to the ground breaking sounds from award winning filming the watch. listen witness. on al jazeera, the no, i'm nicholas. this is counter the goal is to now to 0. we do look at the world of business, and this week the world is drowning in a rec,

what amount of debt you and what was the question, crisis is most prevalent in developing nations. also this week africa spends more money on servicing depth and on educational health care is lead is demand to reform with a global financial system. plus on the brink of default, the list of nations seeking debt restructuring is growing. there's the plane delay and really psych level data is hits a record $307.00 trillion dollars in 2023. and that includes the amount of money owed by corporations, governments and individuals right around the world. and it is equivalent to almost $40000.00 for every single person on the planet. multiple crises in recent years has worse than the problem, pushing country to the brink, and that simply means some of the poorest countries in the world servicing that that's instead of providing for that people. some city points,

the 1000000000 people almost also have humanity leaving countries that spend the model depth interest payments then on education or health. and yet, because most of these sustainable depths, i've gotten that i do the import of countries, they are not judge to pose a systemic risk to the global financial system. this is me. i see point city 1000000000 people is more than a systemic risk. it's a systemic failure. i'm trying to get there as well. the coverage, 19 pandemic, the cost of living crisis, climate change need impacts of natural disasters have all contributed to the search in government. borrowing and data report by the you and the global crisis response group says the world wide public debt reach $92.00 trillion us dollars last year. that's more than a 5 fold increase since the year 2000. as the result,

borrowing has outpaced global g d p. growth, which tripled over the same time, the most of the public debt crisis is concentrated in developing countries. in the past decade there's been an increase in the number of countries facing high levels of debt from 22 nations to 59 last year. of these $52.00 nations soulmates, 40 percent of the developing world are in serious debt trouble, according to the international monetary fund. countries like for lank gone. if you, if you unpack a stone, have already defaulted, or are likely to do, say, well, countries mainly borrow from the international monetary fund, all the world bank. and they re pay the money with interest. and when they called, they risk being costs off from credit by international financial institutions or private investors. as a bro, again, they have to agree to a deal to restructure the debts and limit spending. and that's often led to social

unrest. for example, in 2010 greece is i'm a bailout plan. that included will start the measures was met with massive practice . all right, let's take this on from london. joining me is greg swenson, a greg is the founding partner at the merchant bank of brick, my kind of break, welcome to counting the costs. so 1st off, why has the weld reached this record amount of the, hey, nick it's, there's a probably a bunch of contributing reasons, but i think the most obvious isn't just in the last few years where you've had 2 major issues. one is you had really reckless funding during and after the pandemic, even after many recoveries had any, many economies had recovered and they continued, especially here in the us, in the us and u. k. that continued with really exorbitant spending. and that's created a so much excess that from deficit spending the 2nd issue, especially in the us. but even here in the u. k, you have some excessive spending on green energy projects which don't actually

contribute to productivity in the country. all it does is add to the balance sheet without contributing or creating more products for people to spend. so it's to, to buy. so it's basically inflationary button all done with deficit spending. so those are the 2 major contributor contributors. and now the both developing and developed countries have to figure out how to pay it back. right. so obviously a big problem for pull developing nations, but what kind of issues does it grateful originations? it's kind of that, well, i mean, 1st of all, the richer nations traditionally have been able to carry that, especially in the us because it's the reserve currency and you're able to carry, continue with deficit spending and carry account deficits. but the less lower and lower income for developing countries don't have that luxury. so i think it has to start with the, with the larger economies, it has to start with the us and

u. k. and western europe. but, but it has to ultimately a d o dependent somewhat on, on the developing kind of countries as well. so it's got to be both, but it's got to be lead with the larger economies behind of, of you and talk a general and kind of good parents talking about the risk of unsustainable debt. so what kind of risk of the, as well yeah, the most obvious is, is a sturdy, if they can't service the debt or the i m a for world bank forces these developing countries to, to cut spending. and these are countries where the people are really dependent on food subsidies or even to direct food deliveries. so if you look at countries like there's 4 african for an age of the larger ones in africa and nigeria and kenya, and in, in asia, it's the philippines and pakistan, high population countries were over 40 percent of income is spent on food. so if there is a sturdy, if there is inflation, which is basically

a tax on these consumers and they're already spending a considerable amount of their, their income on food that's going to lead to social and rest we'd, we saw that 10 years ago, the arabs spring and north africa, we could very well see it again in these countries that are spent where the consumers, the people are spending, consider considerable amounts of their income on food. so he's got a point, i think the developing countries are, or where the, the risk really is. i'm social unrest due to us dirty on debt service. it won't happen in the larger economies. but it's really a shame because, you know, so much of the borrowing has happened in the last few years without any real productive results from that borrowing. and so it's, it's a shame that, that many people are going to suffer in age and effort, sub saharan african. right. and so we have, does it, extraordinary crisis, but it isn't even manageable. i think it is. i think ultimately it is, you know, you're going to have some workout. you're going to have some restructuring, restructurings. i think what really has to happen again,

beginning with the bigger economies. the larger economies in the west is cutting spending and in the larger economies can do that. some of the developing economies have trouble cutting spending because it's, it's, it's food and health care and education for their economies. that they're much more dependent on government spending, but austerity in the west is different than us 30 in the global south. so cut spending in the west. the 2nd is to liberate the supply side. then that's, there's been such hostility to the private sector. so which is in effect inflationary and ultimately creates more deficit spending and more overall debt level. so you know that the supply side has to be liberated. so there's, there's, we have lower debt, we have lower rates, more products are produced. that brings down inflation. it also creates economic growth, which therefore creates tax receipts or higher tax receipts. so the best way to,

to pay back debt is deliberate. the private sector in, in both developing and developed economies. right. given that interest payments that are all from bigger than the overall spending on say helpful education, how feasible is it for, for lenders to post or even just to write it off. i think there's going to have to be some right off suite. we saw that in sub saharan africa and in the last few years, i think there's going to have to be some restructuring as you see it, even in eastern europe. and in small economies like montenegro, where you have large borrowings from the chinese of those those debt service or interest payment holidays are ending. it's going to make it very difficult for smaller economy. so there has to be workouts, that's for sure. but i think we also have to consider that, you know, and again, in the larger economies, cut back on spending focus on creating economic growth that will create more tax receipts. there's a lot of talk about a reform of the global financial system. do you think that could happen? i think ultimately there has to be some reforms around the edges. i don't think

there could be some major restructuring of the system. you know, you're, so you'll probably see less dependency on the us dollar with, you know, with oil trading and different currencies. you might see a shift to the global self as, as your population grows in sub saharan africa and asia, and the middle east, north africa, with very little popular, asian, gross and in the way in western europe, as well as in the united states. so, you know, there, there might be some shift based on movements of a people and a different population, different demographics. i think you also have to look at china and they have a major property problem. so this, the subset here in africa, in latin america are going to be less dependent and has to be less dependent on china because they just don't have the money to, to continue with the belt and road initiative. due to the fact that they've got debt problems at home. so i think that's something we all have to think about. right. oh, interesting stuff. great. good. appreciate that greg sprencel name for much, much next week. good to be here. well, of the 52 low and middle income countries,

dealing with unsustainable debt, 23 or in africa via became the 1st african country to default on its southern debt that was during the code 19 pandemic in 2020 china is a significant credits of the countries infrastructure projects, loans with high interest rates have restricted the government's ability to invest in social programs and infrastructure development. but zambia has become a test case for potential defaults. as of the months of talks, as lenders, including china and the paris club, agreed to restructure $6300000000.00 of them. these loans in june, southern african country will pay about $750000000.00 in the next decade. that is, instead of almost $6000000000.00 that was due before the debt restructuring, the nation has been negotiating. some of the deals with private credits is a new and report says, on average, african nations borrow at

a cost $4.00 times higher than that for the united states. and 8 times higher than that's for the wealthiest european economies or, or from gun as capital that chrome join. now by daniel m, as i, i'm him, he's the lead consultants that didn't any banks, management and the chief economist, that the policy initiative for economic development in africa. daniel, welcome. so 1st, why all african countries trapped in this vicious cycle lived it very much in the uh, we brought in the dentist and that is the whole history. laura does. he didn't, he's all i was good to be a, as the queues leasing the volumes either on to is the so it is a little more, i cannot make it in the short, i think the original solution send it to the break. so we use the

2nd, we get some more, i'm a to use the one that, you know, i forgot the really cause little bit of color thing to see. i need to buy product. so in the, the result too. so that's the run of about a period and as a result we talk to use, we do not have in the bottom pencil liquidity savings is to be able to, uh, i said, the people, the color says he doesn't cv like wayne doesn't need a whole copies of getting into the song or the midship, what is wrong or what,

what doesn't help is a high level the massive levels of interest to me. i would really say it was the full time to live and not for the united states at 8 times high. the not for the wealth is european economies interest rates. how is that ever come to be? yes, it is quite difficult. and just like, i think you just, if you don't love the role that you be the movie lies. so like i said, when you needed a copy, the market is a blue middle, which is due by the variance in the model of the guy. this is within the going for the money and the to the discussion of mrs. low, the bottom was the frequency, the money comes into the oh, the, the rest of the economy. so the consumption,

the resolution you don't need is, and there is a wage. it's becoming the horses that there's a lot there. so while you needed the money at the local rate, you might have to dissolve funding. and then to the doctor when the, in the, in the recession, you know, other. so the nations have to service it, these massive rates of, of interest. how does that impacts their ability to develop sub leasing the development and the levels is why the highlander? um, because of my, the law, the rest of the living, the citizens. i used to say this uh for your patience the guy in the who into our way. sure. the people from moment to all we

minimize the use of is that also that higher point in the last, uh you gotta say a model and the girls are not going to do this. all the practice that got to be able to do that at all. and then the rest, and then that's what you need as far as it is. so these are the regional center. hi . i'm talking about the most up because i will, i don't know briefly what, what do you make of accusations against china that pushing african nations with that truck? yes, i do not. is very simple. realize that the result of deposition, because the law, the icon on the need are results immediately swell industrialization. so the model is less comfortable for god and it works like a salt. and in the show the we,

we, we, we, the lola trying to get the right links to way particular recalls the recall we were looking for this revealing as soon as we get the synergies, most of the guys on the new way. we know how to simulate model by the way, and then you get the whole lot of tv. i these guys, you know, really gives you the model is that a lot of people are not as much as john uh, of this. and the reason i do not too sure. okay. so that they have different results on the computer. i would love to leave the continued the top is the best friday just upfront. uh, i need to, i need to change it to the delivery one is the you would be

a look at the microsoft or as long as as long as that uh, all right, daniel, appreciate that. thanks so much for joining us here on calendar because it's daniel, i'm gonna tell you i'm thank you. of the now developing countries. a chinese land is more than a trillion dollars. that's according to research lab. 8 data and overdue 11 repayments. the soaring china has a much, is the largest label bilateral credit to, in the past decade. it is in fact, catching up with the math and the world bank and is exceeding how the government says the official linda to the developing world. beijing has replace washington and bally out low and middle income countries will. china has less massive sums to several countries across asia, africa, and europe is part of its global infrastructure project, the belt and road initiative. but many nations are struggling to rip hay and face economic instability and are on the verge of collapse. the us blames beijing for

pushing them to the bring. china put the responsibility on us lead financial institutions. we're trying to has been reluctant to cancel large liabilities. owed by countries struggling to make ends meet a data says that 80 percent of aging is lending portfolio in the developing world is now supporting nations in debt distress. a china is also dealing with trillions of dollars owed by its own local governments, the financial affiliates, and real estate developers. well, joining me now in australia as i'm pleased to say here at the har, it's, it shows you there's a visiting fellow at the london school of economics and a senior practitioner fellow with the center at harvard kennedy school joining welcome at. so 1st up, what do you make of these accusations against china or chinese loans to developing countries that truck oh, those statistics who quoted make are compelling. however, i would say it is a bit misleading to call it

a that trap for what china has gone to the developing world. china alone, so 20 percent of the debt to african. so solving nations, the other 80 percent. our loans buy to multilateral institutions in national financial entities, countries such as the united states, some you countries, turkey, india, japan, etc. so if you call the 20 percent, the china loan, so africa, if that trap, then i wonder, what do you make off the other 80 percent that are collectively loans by oder entities to africa. china is long me over to $1000000.00 situations to the developing world, many of them in the far reaching regions of the world. and many of them are run by a liberal and the non democratic regina. and so overnight and political systems could change. we saw a wave of quotes in west africa, we saw political system change, you know, been as well. so none of these is an assurance to china in terms of the ownership guarantee or a loan guarantee, in terms of, you know,

protecting china's overseas interest. so he said, major strategic vulnerability for china, but when it comes to the debt relief, effort estimation says 2021. china, relieved to 23. i frequent country state and in 2022. china has successfully helped gonna restructure. he's that good be turning those approaches work to try and china or is it the forefront to try to do something about it? you recognize it's not down to the west of lending institutions. it's a black, a chinese trying to do, or would con, and i should say that it is not out out of altruism either because it is indeed in chinese interest. that'd be so over a $140000000000.00 of debt to china. loans to africa. does not go into default. however, i don't think we should use a plain game here because the reality is that africa in particular has been shut out of the global modernity by not being offered. busy sufficient to capital funding for the past 4 or 5 centuries. this is the moment where the west and china

should join hands in providing massive capital infrastructure building to the roles and these, the developed nations. no country should be shut out out of the world with modernity and economic prosperity for a matter, for lack of financing. of course, china itself has its own law, so that program business. so how does it benefit from lending money to other nations at the scale? so if you look at the folder wrote a new should, if this is the 10s, here's the over the past decade, the china has really been escalating. it's a both the still mass to go capabilities as well it's, it's so expansion, office investment capacity globally. and so i think the investments within is you still mess of capacity and these overseas investment capability, i'll coordinate. so at the beginning of the bought a road initiative for china has been building a lot of fiscal infrastructure. we always rhodes ports, etc. and of course, those are important because without the physical infrastructure,

we cannot start to talk about trade jobs, growth, or economic opportunities. and next, the china started to build digital infrastructure from somewhere in cable networks to telecomm you for structural base stations, cloud success. so those are conducive to the rise of the additional economy in these developing countries. and then after coal there, we started to see china moving massively into green energy building social enterprises, public health care building, etc. so a lot of the investments in the public goods area is going to help the developing countries in now moving towards environmental sustainability and economic sustained . and then as far as the seas lines are concerned, isn't china now shifting from shifting to providing emergency rescue lights to countries as opposed to the infrastructure projects you're talking about? absolutely, i think that really goes with a natural development pattern. so from the sending global power, if you were to look at the united kingdom in the 19th century or to united states

in the 20th century, all of these are rising cars. they started by exporting labor. and then these countries became the export of capital. subsequently, the export of technology and subsequently the ex border of global rules and norms. and by using these situations, what we saw in the expenses to break summit back in august, that is the start of china as efforts for the next, the phase of building multilateral institutions. to finance the developing world for the developing world. do you think the, the debt crisis as a whole base in, shall enter in outside china or is manageable or is it a ticking time bomb? uh, uh, these are very complicated questions. uh, domestically speaking for china, the, that issue is most of huge in the corporate sector and in the municipal government sector. so what the government is trying to do is to get to do stringent the due diligence, the order to build a firewall,

to prevent the corporate financial stress from b, spelled over to the financial sector in order to prevent a systemic financial crisis. but try to does have a lot of phone numbers both in terms of monetary and fiscal policies in place, in the event of a severe economic calamity. and if we were to reflect on the 07, the way to us centered to global financial crisis. the u. s has promised the 4 runs of 2. he's in order to provide a floor of liquidity to the financial system. china hasn't even begun to talk about your needs yet. so i think there are still a lot of policy room available to address some severe cataclysmic events in china will have to leave with the show. you great to have you in the studio head. so what was, thanks very much the thank you. thank you. well, that's all show for this week. i did get in touch with us on that. excuse me, 9 is twitter, of course mic clock out jobs and please do use the hash tag

a c t c. when you do or just drops an e mail to the cost at out, is there a dot net is our address. probably won't be online at out 0 dot com slash ccc, and that will take me straight to our page, which is individual reports. link some into the episodes for you to catch up on that is it for this edition of kind of the cost on the clock. that's the whole team here. and uh thanks for joining us. the news on out 0 is coming up, the it was never good to see. that doesn't happen, our country is out enough. we will not take it any more 3 years after protest as storms of the capital. the new race for the white house begins in iowa as republican candidates. once again bethel trump, for the nomination, stay with alpha 0. so the us selection 2024. the

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con units in southern gaza is under heavy. it's really bombardments. 22 people have been killed and residential areas are severely damaged or rest spend beating. these