Is this how the great international borrowing spree ends?
31 October - 25 mins
Podcast Series
Planet Money
In recent months, there have been serious whispers about an outrageous possibility: that one day soon, France — the seventh largest economy in the world — might not be able to pay back its debts. Right now, protesters in France are complaining about crumbling schools, the lack of teachers, and the overall high cost of living. But the government is struggling to find the money to address all the country’s problems.
France is in a lot of debt. It has been borrowing record amounts of money. So have many other countries including the U.S., the U.K., Italy, Canada. For more than a decade, there has been an international borrowing spree going on. Now, as interest rates climb, that borrowing spree...
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