S&P Global says countries likely to default more often in coming decade

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LONDON : Countries are likely to default more frequently on their foreign currency debt in the coming decade than they did in the past due to higher debt and an increase in borrowing costs, agency S&P Global Ratings warned in a report on Monday.

"These factors quickly create liquidity challenges as access to financing dries up and capital flight accelerates," the report said.

"We also found that the long-term macroeconomic consequences are more severe for sovereigns that remain in default for multiple years, increasing the probability of further defaults down the line," it said.

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Category: EconomyBusiness

Markets: SingaporeArgentinaBelizeBrazilLebanonSurinameUkraineZambia

Topics: Debt Foreign Countries Defaults Report Sovereign Capital Government Ratings Currency Default

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-14 @ 20:49:24 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 520 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23041703

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