usa is in debt to china for $1.06 trillion.
usa is in debt to china for $1.06 trillion.
how much is usa in debt to china?
$1.06 trillion
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corazon "cory" aquino started her administration with a total debt of us$60.2 billion. domestic debt was us$32.06 billion, while external debt totaled around us$28.2 billion. the external debt problem was inherited from the marcos regime. aquino had the choice to repudiate the debts acquired by the marcos regime due to their fraudulent nature. the neda secretary believed that, in order to restore growth, the country should not repay the debt. creditors did not give much consideration to the country's situation and initially refused any renegotiation. on the other hand, jaime ongpin, the finance secretary, and josé b. fernández, jr., bangko sentral ng pilipinas governor, together with world bank representatives and various countries, were against philippines repudiating its debt. the consequence of not honoring the debt, according to them, was loss of financial aid/support from foreign countries which the philippines needed to bring back the economy. jaime ongpin also threatened to resign from his position if cory decided for repudiation. in the end, cory decided to honor the debt. later, usa designed a "marshall plan" to help the country, an initiative that would ease congress constraints on foreign aid programs and allow the private sector to extend more generous assistance; this proposal would expand private sector investment, enhance trade opportunities, and seek solutions for philippines' external debt. furthermore, p4 billion of foreign debt (inclusive of interest) was paid off in the span of 6 years. to finance this, however, the country borrowed a total of p9 billion pesos, bringing the total external debt from $28.2 billion to $33.2 billion for the duration of the aquino administration.
external debt of the philippines