NATIONS WITH HUGE DEBT NEARING THE CLIFF, EXPERTS WARN
Three countries saddled with huge debt have already defaulted this year and more may join the financial disaster.
Writing for CNN Business late on May 17, 2020, David Goldman said countries that depend on tourism revenue may also suffer an economic downturn as the global community suffers lockdowns and restrictions of movement that had already forced jobs cuts in major airlines and shutdowns of some hotel chains.
Argentina, Ecuador and Lebanon have already defaulted on their debts, said Fitch Ratings, and more are at risk of failing to make their payments in time.
Fitch downgraded the debt of 29 countries this year, eight of which have debt in the super-speculative "C" range, at given to countries at high risk of default. The credit-ratings agency also said a couple dozen other countries are at risk for downgrades. The most precarious sovereign debt is from four African nations: Gabon, Mozambique, the Republic of Congo and Zambia. At risk of joining them in the "C's" are El Salvador, Iraq and Sri Lanka. #coronavirusimpact #COVID19