Financial institutions, experts and economists fear a new wave of financial crises hitting countries from Ghana to Italy. The IMF and World Bank warn that nearly 20 African economies are wrestling with debt crises and on Wednesday the European Union chastised Italy on its debt-laden budget.

"Growing debt crises and the inability of countries to meet the social needs of their people is very concerning," stated Eric LeCompte who serves on United Nation finance expert groups and is the Executive Director of Jubilee USA. Jubilee USA monitors the debts and budgets of governments across the world. "Governments aren't raising enough revenue, we are failing to prevent corruption and the exports and currencies of many countries are losing value."

In October the IMF released a series of reports raising concerns that policies are not in place to prevent future global financial crisis. Last year's hurricane season devastated Caribbean islands from Puerto Rico to Dominica that were not prepared because of debt crises.

"If we follow the data, the solutions are conclusive," said LeCompte. "We need stronger policies on responsible lending and borrowing. We need a functioning permanent bankruptcy process for countries to work out their debts. We must implement some basic rules that can curb the trillion dollar annual loss to developing countries from tax evasion and corruption."

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