Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Breaking News

Breaking News

Spanish minister says Europe cannot turn its back on China.

Spanish Minister for Economic Affairs Nadia Calvino speaks during a news conference on the sidelines... Spanish Minister for Economic Affairs Nadia Calvino speaks during a news conference on the sidelines of G20 finance ministers' meeting on the outskirts of Bengaluru, India, February 25, 2023. REUTERS/Samuel Rajkumar/File Photo
Spanish Minister for Economic Affairs Nadia Calvino speaks during a news conference on the sidelines... Spanish Minister for Economic Affairs Nadia Calvino speaks during a news conference on the sidelines of G20 finance ministers' meeting on the outskirts of Bengaluru, India, February 25, 2023. REUTERS/Samuel Rajkumar/File Photo

Listen to the article now

On Tuesday, Spanish Economics Minister Nadia Calvino said Europe could not disregard China’s position as a crucial commercial partner and geopolitical player that might help resolve the Ukrainian crisis or give debt relief to low-income nations.

“I think we cannot just turn our back to China and attempt to ignore it,” Calvino told an Atlantic Council event in Washington, D.C.

“We have a common interest, I think, in ensuring that they participate constructively to put an end to the crisis in Ukraine as quickly as possible and to avoid global market fragmentation, which will be lose-lose for everyone.”

After French President Emmanuel Macron stated Europe should take time to strengthen its position as a third pole between China and the US, Calvino, who leads the IMFC committee advising the IMF board, made the remarks on the sidelines of the IMF spring conference.

During this week’s World Bank and IMF meetings in Washington, Calvino advocated for China’s larger role in debt relief for developing nations.

“We must strengthen our shared safety net for vulnerable nations, including China. I hope they participate constructively in these conversations as a major creditor.”

In three years, top Chinese officials will visit Washington summits.

With rising inflation, borrowing costs, and a strong currency, a record number of developing nations face a financial crisis.

Sri Lanka, Zambia, and Ghana have defaulted on their foreign debt and are negotiating with creditors, notably China Export-Import Bank.

Calvino wanted to provide these countries with financial relief later this year.

Western officials say Beijing’s delayed action on debt treatment cases has slowed the G20’s shared framework for low-income nations.


Comment Template

You May Also Like

Business

Starting in 2024, the IRS will lower the Form 1099-K reporting threshold to $5,000 for business transactions via payment platforms like PayPal and Venmo....

Business

The stock market saw major premarket moves on February 14, 2025. Roku and Airbnb surged on strong earnings, while Moderna and Informatica fell on...

Business

Warren Buffett’s Berkshire Hathaway trimmed its stake in DaVita amid a weaker 2025 outlook, causing an 8% stock decline. Rising costs and dialysis center...

Business

Stock futures dipped amid new trade policy shifts from President Trump, while GameStop surged on crypto investment speculation. Major retailers scaled back DEI commitments,...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok