If the global economy enters a new economic crisis it may lead to epic debt defaults, according to trade economists at the United Nations. Following the 2008-2009 crisis, developing countries faced a huge influx of cheap credit. The process was heated by quantitative easing programs in the developed nations. Source: RT
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Saudi Arabia’s National Water Co. is seeking financial advisers to arrange the sale of parts of the country’s water distribution network, according to people familiar with the matter. Source Gulf News
The International Monetary Fund late on July 20 approved a one-year, $1.8 billion loan program for Greece but will not release any funds until the eurozone agrees on a debt relief plan, in a highly unusual compromise step. Source: Daily News
“The current account deficit recorded $5.24 billion, indicating an increase of $2.13 billion compared to May of the previous year, bringing the 12-month rolling deficit to $35.3 billion,” the Turkish Central Bank said. Source: Daily News