Money Talks: Fragile economies
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 10 August 2022
⏱️ 35 minutes
🧾️ Download transcript
Summary
From Sri Lanka to Pakistan, El Salvador to Ghana, Egypt to Tunisia, some emerging economies are feeling the pain of rising commodity prices, higher interest rates and a strong dollar. Is a wave of historic debt defaults coming for emerging markets?
On this week’s episode, hosts Soumaya Keynes, Mike Bird, and Alice Fulwood continue their exploration of the impact of the strong dollar. First, Kroll chief economist Megan Greene explains which countries she thinks are most vulnerable. Then, a look at what was behind the Latin American debt crisis of the 1980s, which led to an economic downturn more severe than the Great Depression. Finally, our trade and economics editor Ryan Avent says that many nations have learned lessons from past crises that could help them weather this difficult period.
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Transcript
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| 0:00.0 | Money talks from the economist is sponsored by Invest Puerto Rico. |
| 0:06.0 | More than just a Caribbean paradise, Puerto Rico is a business powerhouse. |
| 0:11.0 | This U.S. territory is a fast-growing hub for innovators. |
| 0:15.0 | Puerto Rico boasts numerous tax credits, business incentives, |
| 0:19.0 | and world-class talent that take your business to the next level. |
| 0:23.0 | Find out why at InvestPR.org. |
| 0:26.0 | Gamechangers, welcome home. |
| 0:30.0 | Good afternoon, everyone. |
| 0:37.0 | First, I should say to you, Foreign Minister, congratulations on your appointment last week. |
| 0:50.0 | Last week, America Secretary of State, Anthony Blinken, met Ronald Wickramissinger, |
| 0:55.0 | Sri Lanka's new president. |
| 0:57.0 | He got straight to the point. |
| 0:59.0 | In April, Sri Lanka declared that it could no longer service its foreign debt. |
| 1:10.0 | An in June, annual inflation climbed to 55%. |
| 1:14.0 | By July, thousands of Sri Lankans had taken to the streets |
| 1:18.0 | to express their frustration at the country's economic crisis. |
| 1:22.0 | While they were eventually successful in forcing the resignation of the former president, |
| 1:27.0 | got a buyer, Roger Paxer. |
| 1:29.0 | The situation, Mr. Wickramissinger, inherits is challenging to say the very least. |
| 1:35.0 | We see that there is a huge obligation on our part to put the country back on track |
| 1:40.0 | and get its economy out of the woods that we are going through right now. |
| 1:44.0 | But rising prices, sluggish growth, and sharply rising interest rates |
... |
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