Vatican-Backed Experts Reveal Global Debt Crisis Burdening 3.3 Billion

A commission appointed by the late Pope Francis has released a comprehensive report calling for urgent reforms to the global financial and debt system to alleviate the crushing debt burden on developing countries. The report, authored by 30 economists including Nobel laureate Joseph Stiglitz and former Argentine Economy Minister Martín Guzmán, highlights that over 50 developing nations spend at least 10% of their tax revenues on debt interest payments, crowding out critical investments in health, education, infrastructure, and climate resilience. The commission recommends extending COVID-19 debt relief plans, ending taxpayer bailouts for private lenders, creating bankruptcy processes for countries, and reforming legal frameworks to facilitate debt restructuring. The report emphasizes the moral imperative of debt forgiveness during the Catholic Church's Jubilee Year, with Pope Francis urging wealthy nations to forgive debts as a matter of justice and to address ecological debts caused by disproportionate resource use. Experts warn that current debt servicing priorities hinder sustainable development, exacerbate inequality, and increase social discontent, with Africa, Latin America, and Asia most affected. The commission's proposals aim to build sustainable fiscal space through public investment strategies and to prevent future crises by improving loan quality and restructuring mechanisms.