DEBT ADDICTION IN THE WEST COULD LEAD TO A NEW GLOBAL FINANCIAL CRISIS -PUTIN

Tue 04 July 2023:

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.

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.

“The risks of a new global economic and financial crisis are rising against the background of the uncontrolled accumulation of debt in developed countries, social stratification and growing poverty around the world, and deteriorating food and environmental security,” Putin stated.

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.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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