The Fragile Interdependence: Implications of the U.S. Debt Ceiling Crisis on Global and Emerging Economies

The Fragile Interdependence: Implications of the U.S. Debt Ceiling Crisis on Global and Emerging Economies



The U.S. defaulting on its debt obligations would have "very serious repercussions" for both the American and global economies, according to the International Monetary Fund (IMF).



At a press conference on Thursday, Julie Kozack, the director of communications for the IMF, was asked about "the knock-on effects" of "the debt ceiling crisis that is happening now between the White House and Congress, with the prospect of a potential default as early as June 1" on the global economy, particularly for emerging markets.



She replied, “First, it’s important to note that these discussions in the U.S. are taking place at a time that is very difficult for the global economy,” adding:




Our assessment is there would be very serious repercussions, not only for the U.S. but also for the global economy should there be a U.S. debt default. And w


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