G-20 leaders tout $5 trillion in coronavirus relief, but fears of multiple debt crises mount

President Trump joined 19 other world leaders in touting $5 trillion of government aid in response to the coronavirus pandemic, which threatens most advanced economies with a recession.

“We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic, and financial impacts of the pandemic,” the G-20 Leaders said in a joint statement following a video teleconference about the coronavirus pandemic.

The teleconference, hosted by Saudi Arabia, took place the morning after the U.S. Senate voted unanimously to pass a $2 trillion emergency relief package. The international confab took place under the shadow of the rivalry between the United States and China, which has worsened in the weeks since the novel coronavirus emerged in Wuhan and spread around the world, but the joint statement struck a note of unity.

“Collective G20 action will amplify its impact, ensure coherence, and harness synergies,” the statement declared. “The magnitude and scope of this response will get the global economy back on its feet and set a strong basis for the protection of jobs and the recovery of growth.”