The Shanghai Cooperation Organisation (SCO) is a Eurasian political, economic, international security and defence organization. It is the world's largest regional organization in terms of geographic scope and population, covering approximately 60% of the area of Eurasia, 40% of the world population. Its combined GDP is around 20% of global GDP.[4]
West’s debt addiction could trigger new global financial crisis – Putin
Irresponsible economic policies by developed nations have increased tensions globally, the Russian president has claimed
The uncontrolled accumulation of debt by Western countries is increasing the risk of a new global financial crisis, Russian President Vladimir Putin warned on Tuesday.
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Addressing a virtual summit of the Shanghai Cooperation Organization (SCO) via videolink from Moscow, the Russian leader cited global threats that could increase “conflict potential” in the near future.
He emphasized that each of these problems is “complex and diverse in its own way,” but that when combined, they have fueled tensions around the world.
The 23rd SCO summit is being chaired by Indian Prime Minister Narendra Modi.
Last month, the executive director for Russia at the International Monetary Fund (IMF), Aleksey Mozhin, cautioned that Western economies are in critical condition due to high levels of public debt.
He accused
wealthy states of implementing years of irresponsible budgetary and
monetary policies, which eventually triggered the current debt crisis. The UK and almost all EU countries are facing significant levels of debt, including France, Spain, Portugal, Greece, and Italy, according to Mozhin."
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