The debt crisis in Greece has gained the world’s attention. However, some activists say many other countries are building up dangerous levels of debt. They say private investors are lending money to those countries without enough rules or legal safeguards.
European officials avoided one financial crisis recently. Greece reached a deal with other European countries to meet its short-term loan obligations last week. The Greek government is expected begin negotiations on a three-year plan, valued at over $90 billion, to deal with its international debt.
Debt activists say there is the possibility of a debt crisis in other areas, especially in the developing world. Tim Jones is with a British group called the Jubilee Debt Campaign. It studies debt owed by countries around the world. This month, the group released a report called, “The new debt trap: How the response to the last global crisis has laid the ground for the next”.