{"id":16848,"date":"2023-01-24T22:54:43","date_gmt":"2023-01-24T22:54:43","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/yellens-comments-on-zambias-debt-restructuring-draw-criticism-from-chinese-embassy-economics-bitcoin-news\/"},"modified":"2023-01-24T22:54:43","modified_gmt":"2023-01-24T22:54:43","slug":"yellens-comments-on-zambias-debt-restructuring-draw-criticism-from-chinese-embassy-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/yellens-comments-on-zambias-debt-restructuring-draw-criticism-from-chinese-embassy-economics-bitcoin-news\/","title":{"rendered":"Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese Embassy \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Chinese embassy in Zambia denounced the United States over its debt limit and the \u201cextraordinary measures\u201d Treasury secretary Janet Yellen has implemented to stave off a U.S. debt default. Yellen said on Monday that it was very important that Zambia restructure its debt, but Zambia sees it differently. The embassy castigated Yellen\u2019s comments in response, stressing that the U.S. has a \u201ccatastrophic debt problem.\u201d<\/strong><\/p>\n

Chinese Embassy in Zambia Denounces U.S. Debt Limit and Yellen\u2019s Recent Comments<\/h2>\n

Last week, U.S. Treasury Secretary Janet Yellen urged<\/a> Congress to increase the government\u2019s spending limit or the country could face default on its debts. She also noted that the Treasury would have to leverage \u201cextraordinary measures<\/a>\u201d to keep the debt at bay until early June 2023. Federal financial data indicates that the country\u2019s debt surpassed $31.4 trillion<\/a> earlier this week. Yellen also made comments about Zambia on Monday, after meeting with Chinese officials in Zurich the week prior.<\/p>\n

\u201cI specifically raised the issue with Zambia (with Chinese officials) and asked for their cooperation in trying to reach a speedy resolution. And our talks were constructive,\u201d Yellen is cited as saying in a report<\/a> published by Reuters. On the other hand, Zambian finance minister Situmbeko Musokotwane said the meeting with Yellen and Chinese officials did not reach a conclusion in regard to a debt restructuring process. The Chinese Embassy in Zambia then reproached<\/a> the issue in direct response to Yellen\u2019s commentary and said that the U.S. needs to fix its own debt problems.<\/p>\n

\u201cThe biggest contribution that the U.S. can make to the debt issues outside the country is to act on responsible monetary policies, cope with its own debt problem, and stop sabotaging other sovereign countries\u2019 active efforts to solve their debt issues,\u201d the Zambian-based officials in Lusaka wrote. The Chinese embassy in Lusaka further added<\/a>:<\/p>\n

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Assuming secretary Yellen\u2019s statements about debt were correct, the best prospect of the debt issues outside the U.S. would be the U.S. Treasury Department solving the US\u2019 own domestic debt problem, given how well she knows about facts, her professional capacities and her team\u2019s implementation ability.<\/p>\n<\/blockquote>\n

The Chinese Embassy\u2019s criticism highlights the underlying communication issues China and the U.S. have been dealing<\/a> with for years. In May 2022, reports<\/a> noted that Chinese experts had urged the leaders of BRICS nations<\/a> (Brazil, Russia, India, China, and South Africa) to end their dependence on the U.S. dollar. China was not pleased with House Speaker Nancy Pelosi\u2019s visit to Taiwan<\/a> in Aug. 2022. The very next month, the Chinese Communist Party-backed Global Times published an opinion editorial<\/a> that insisted the rising dollar may become \u201cthe beginning of another nightmare\u201d for other countries.<\/p>\n

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brics<\/a>, CCP<\/a>, China<\/a>, China Yellen<\/a>, Chinese Communist Party<\/a>, Chinese embassy<\/a>, communication issues<\/a>, Criticism<\/a>, debt<\/a>, debt restructuring<\/a>, Default<\/a>, diplomatic exchange<\/a>, domestic debt problem<\/a>, economic diplomacy<\/a>, economic instability<\/a>, Economy<\/a>, extraordinary measures<\/a>, Financial Crisis<\/a>, Foreign Policy<\/a>, global financial system<\/a>, Global Times<\/a>, hypocrisy<\/a>, international finance<\/a>, international relations<\/a>, Janet Yellen<\/a>, monetary policies<\/a>, Nancy Pelosi<\/a>, Politics<\/a>, Situmbeko Musokotwane<\/a>, sovereign debt<\/a>, Taiwan<\/a>, Treasury Secretary<\/a>, US<\/a>, US Dollar<\/a>, Yellen China<\/a>, Zambia<\/a><\/div>\n<\/div>\n

What is your take on this diplomatic exchange and the underlying issues at play between China and the U.S.? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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