On August 1, the deadlock over the U.S. debt ceiling was broken at the last moment, after months of partisan stalemate. U.S. can now keep borrowing to avoid defaulting on its debts or closure of government agencies.
However, the U.S. debt issue is far from being resolved.
Under the compromise agreement finally reached between Republicans and Democrats, the U.S. government has pledged to reduce their costs in exchange for raising the debt limit.
The deficit reduction plan is to be negotiated in November. However, it is not difficult to see that neither side has a specific concrete proposals to increase state revenues or practical ideas on how to get out of debt problems. This deal is only a temporary arrangement to buy time. When it comes time to get down to nitty-gritty details, the issue hit the headlines again.
Things have changed a lot in the world in the 21st century. The U.S. dollar used to be the equivalent of gold, U.S. treasury bonds are considered "zero risk" means the U.S. considers as "safe haven". Now, incredibly, the U.S. government may have less money than the maker of the popular iPad and iPhone-enabled.
According to some reports, the amount of money that the U.S. government should play the hits before the debt ceiling is about $ 73800000000, approximately $ 2000000000 less than Apple Inc. reserves of $ 76200000000 in cash and securities.
In fact, the U.S. government is not alone in struggling with debt problems. Some Eurozone countries and Japan are also suffering the same problems. Japanese debt is as high as 200 percent of GDP and concerns are growing. Meanwhile, the state debt crisis in the European Union keeps getting worse. Trust in the second aid package for Greece disappears after another downgrading of credit rating of the country. And over the past week, giving the Spanish and Italian debt have spiked. Spanish 10-year bonds are now given in the vicinity of 6 percent and the yield on 10-year-old Italian debt jumped from 4.8 percent to over 5.5 percent.
People are more than happy to switch from the modesty of his life of luxury, but reversed course it is not so appealing. Considering their long history of excessive spending and deficit spending, it is not easy for Western countries to live within their means to escape the gravity of black holes long.
Debt problems in developed countries not only injuries but also harm innocent developing countries, including China, the U.S. and euro treasury holdings at risk. In addition, long-term debt problems of developing countries will be intensified financial market turmoil and cast a shadow over economic recovery in the world. It will also make the external conditions for China's development is more complicated and challenging macro-economic policy of the Chinese government.
It is not an exaggeration to say that the debt problems of developing countries have become a great threat to health and sustainable development of world economy.
The G20 has an important role in enabling countries to cope with the international financial crisis in a cooperative manner, and is actively developing in regular global economic governance mechanism. Faced with global implications of the debt problems of developing countries, G-20 should not turn a blind eye and stay silent.
At 6 years of G-20 summit in Cannes, France, in November, it's time for G-20 to urge the U.S. and other major powers that matter international reserve currency to conduct a responsible fiscal policy and currency, to protect the interests of creditor and make joint efforts to put an economic recovery in the world of hard surfaces.
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