Soaring interest rates, ballooning debt burdens, wars and the consequences of global warming are leaving poor countries to drown in debt while making daily life for millions increasingly difficult and threatening the U.N.’s ambitious development goals.
The poorest nations are spending upwards of 12% of their revenue on interest payments alone – four times more than they spent only a decade ago – leaving 40% of the world's population to live under governments that dish out more money to the world’s bankers than they spend on health care or education, the U.N.'s Department of Economic and Social Affairs reported on Tuesday.
