Building firm owes a substantial debt of 11 million rubles to its shareholders.
Here's a fresh take:
During the rough patch from December 2024 to January 2025, the world was drowning in a sea of debt. This troubling time was marked by a massive global debt crisis, hitting economies big and small.
The United States, among others, found itself grappling with a whopping $36.2 trillion national debt by the end of April 2025. That's a staggering increase from the $35.5 trillion it held at the end of fiscal year 2024. And let's not forget that a good chunk of that debt, around $28.3 trillion and $28.9 trillion respectively, was the public's cold, hard cash. Clearly, the choice to keep borrowing didn't seem to stop.
This global debt mess was especially keenly felt by developing countries, many of which were shelling out 10% or more of their tax revenues just to cover debt interest payments. What's more, the average interest burden for these countries nearly doubled since 2014, drying up funds for essential services like health, education, infrastructure, and climate action.
The impact of the debt crisis wasn't just financial; it had far-reaching socio-economic consequences. It widened the wealth gap and slowed down sustainable development and climate action, particularly in Africa, Latin America, and Asia.
The reasons behind this debt fiasco were complex. It stemmed from reckless fiscal policies, tight monetary policies globally, restrictive credit conditions, sluggish trade, and lackluster investment. Developing countries had to bear the brunt of high interest payments, dwindling fiscal space, and external shocks such as commodity price volatility and climate calamities.
In a bid to sort things out, voices called for global cooperation and debt relief. Even Pope Francis threw his hat into the ring, backing the Jubilee Commission's appeal for debt forgiveness as a matter of justice. This move aimed to rectify what was termed the "ecological debt" between the developed and developing worlds.
To add fuel to the fire, the U.S. had to put its federal borrowing limit back in place on January 1, 2025, a stark reminder of ongoing fiscal constraints and political challenges in managing debt during that period.
All in all, the debt crisis from December 2024 to January 2025 was simply another chapter in the global tale of rising public and sovereign debt, driven by fiscal imbalances, high interest costs, and economic uncertainties, and straining governments' finances and critical investments.
The global debt crisis, which lasted from December 2024 to January 2025, significantly impacted various business sectors, including the industry and finance. The immense burden of debt led to reduced investment, especially in developing countries, hindering their economic growth.
Governments, including the United States, found themselves struggling to manage their public debt, which affected their ability to fund essential services and invest in infrastructure, resulting in strained finances.
