The Tuna Bonds Scandal and the fishy business of hidden debt

The podcast explores the issue of hidden government debt, a significant problem affecting countries worldwide that often underreport their borrowing. Researchers have uncovered around $1 trillion in concealed debt across nearly 150 nations, frequently hidden through secret loans from other countries. While some of this underreporting may stem from administrative errors, it can also be deliberate, leading to economic crises when the truth comes to light. The fallout for citizens typically includes austerity measures that undermine social programs and push people into poverty, as illustrated by Mozambique's "tuna bond" scandal. Even wealthier nations are not immune, though their stronger economies can usually better withstand the impact.