Coronavirus debt crunch could dwarf 1980s crises, warns Lee Buchheit
When it comes to global debt crises Lee Buchheit thought he'd seen it all - until now. The international sovereign debt advisor has acted as a lawyer for countries on the brink of bankruptcy for decades. As 100 countries ask for emergency assistance from the IMF due to the effects of COVID-19 on their economies, Buchheit tells Stephen Cole he struggles to compare the current economic climate to one previously because the situation is so unprecedented.
"This could be a systemic sovereign debt crisis of the kind we haven't seen since the 1980s and perhaps it'll even dwarf that one."