Reuters reported on July 15, 2022, that a dozen countries are at risk of defaulting on their loans.

Lebanon, Sri Lanka, Russia, Suriname, and Zambia are already in default.

Many more are at risk as borrowing costs and inflation rise on top of record debt levels around the world.

The entire developing world is at risk.

The World Bank says that in the next year as many as a dozen countries will not be able to service their debt.