Debt cycles have occurred throughout history; in the early 2000s, old debt was wiped off, but new debt from new creditors (China and private-sector eurobond creditors) immediately replaced it, perpetuating the cycle.
factualpending
Speaker
David MalpasEvidence Quote
“there are cycles of debt through history...there was a wiping off of debt in the in the early 2000s uh but then new debt came in to take its place uh with new new creditors China and private sector eurobond uh creditors uh stepped in”
Source
Fix the global debt crisis before it's too late, warns World Bank's David Malpass— GZERO MediaCreated: 8/12/2026, 6:44:21 PM
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