Nigeria is now spending 96% of its government revenues to pay off the interest on its national debt. Kenya suspended salary payments to thousands of government workers in March to avoid a default on its loans.
These aren't isolated national crises. They're consequences of a major potential debt disaster looming over dozens of low- and middle-income countries. It's already forcing many of these nations to make excruciating choices between funding schools and hospitals – or avoiding defaults. And it's driving up the cost of food to record levels.
