{"id":440754,"date":"2022-05-02T19:07:00","date_gmt":"2022-05-02T16:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/"},"modified":"2022-05-02T19:07:00","modified_gmt":"2022-05-02T16:07:00","slug":"project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/","title":{"rendered":"#Project Syndicate: The next debt crisis is hiding in plain sight"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a30c79a75c8f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a30c79a75c8f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#%E2%80%9CProject_Syndicate_The_next_debt_crisis_is_hiding_in_plain_sight%E2%80%9D\" >&#8220;Project Syndicate: The next debt crisis is hiding in plain sight&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#Repayment_forbearance_adopted_during_the_pandemic_is_expiring_putting_pressure_on_borrowers_but_policy_makers_blindly_assume_that_everything_will_be_fine\" >Repayment forbearance adopted during the pandemic is expiring, putting pressure on borrowers, but policy makers blindly assume that everything will be fine<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#Debt_moratoriums\" >Debt moratoriums<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#Denial\" >Denial<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#Credit_crunch\" >Credit crunch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#Steps_to_take\" >Steps to take<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#Carmen_Reinhart\" >Carmen Reinhart<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/project-syndicate-the-next-debt-crisis-is-hiding-in-plain-sight\/#Leora_Klapper\" >Leora Klapper<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CProject_Syndicate_The_next_debt_crisis_is_hiding_in_plain_sight%E2%80%9D\"><\/span>&#8220;Project Syndicate: The next debt crisis is hiding in plain sight&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Repayment_forbearance_adopted_during_the_pandemic_is_expiring_putting_pressure_on_borrowers_but_policy_makers_blindly_assume_that_everything_will_be_fine\"><\/span>\n  Repayment forbearance adopted during the pandemic is expiring, putting pressure on borrowers, but policy makers blindly assume that everything will be fine<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000829583\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000829583\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<p> WASHINGTON (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.project-syndicate.org\" class=\"icon none\">Project Syndicate<\/a>)\u2014When Russian tanks rolled into Ukraine, private-debt crises were probably already brewing\u2014albeit hidden from view\u2014in many parts of the world, as a result of the economic disruptions caused by the COVID-19 pandemic. Now, the war is pushing even more countries toward similar crises.<\/p>\n<div class=\"paywall\">\n       The pandemic recovery has always been uneven. According to analysis based on the International Monetary Fund\u2019s most recent\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/Publications\/WEO\/Issues\/2022\/04\/19\/world-economic-outlook-april-2022\" class=\"icon none\">World Economic Outlook<\/a>, per capita income hit a new high in almost 37% of advanced economies in 2021. That share drops to about 27% in middle-income countries and under 21% in low-income countries. And these disparities may be about to deepen.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Debt_moratoriums\"><\/span>Debt moratoriums<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Early in the pandemic, many countries introduced debt moratoriums, in order to give households and businesses a reprieve at a time when many faced a sharp income decline that left them struggling to meet their obligations. <\/p>\n<p>The moratoriums were often accompanied by policies that gave banks the regulatory flexibility not to reclassify the affected loans in a higher risk category, as is typically required, thereby enabling banks to avoid the higher capital provisioning that reclassification would entail. Policy makers hoped that banks would use the available liquidity to continue lending.<\/p>\n<p>But while the moratoriums did provide temporary relief for private debtors and may have limited the fallout of the early pandemic disruption, they were not without drawbacks. In particular, forbearance policies made it more difficult for banking supervisors to detect the early warning signs of rising loan defaults, resulting in a hidden\u2014but potentially disastrous\u2014nonperforming loan (NPL) problem.<\/p>\n<p>With the emergency moratoriums having now ended in many countries, vulnerable households and businesses, particularly small and medium-size firms, confront loan repayments they can no longer afford. This threatens to lead to a wave of defaults, with far-reaching implications for the economic recovery, especially in the low- and middle-income countries that are already struggling to revive growth.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Denial\"><\/span>Denial<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>There is still time to limit the damage. <\/p>\n<p>But this will require private- and public-sector actors to acknowledge the problem before it erupts into a full-blown crisis and manage it effectively. And so far, there seems to be little <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite for the kind of transparency that this would demand. In fact, according to the data financial institutions have\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/data.imf.org\/?sk=51B096FA-2CD2-40C2-8D09-0699CC1764DA\" class=\"icon none\">provided<\/a>\u00a0to the IMF, there is no problem at all: NPL rates remained flat between 2019 and 2020 in a large sample of advanced and emerging economies that adopted forbearance policies.<\/p>\n<p>Data from the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mastercardservices.com\/en\/reports-insights\/economics-institute\" class=\"icon none\">Mastercard Economics Institute<\/a>, which covers 165 countries, also tells a very different story, with permanent business failures rising nearly 60% in 2020 from their prepandemic (2019) baseline. Although the situation improved in 2021, roughly 15% of countries, most of them low and middle income, still recorded increases in permanent business failures.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:24.285714285714285%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-535729?width=540&amp;size=4.129032258064516 540w, https:\/\/images.mktw.net\/im-535729?width=620&amp;size=4.129032258064516 620w, https:\/\/images.mktw.net\/im-535729?width=639&amp;size=4.129032258064516 639w, https:\/\/images.mktw.net\/im-535729?width=700&amp;size=4.129032258064516 700w, https:\/\/images.mktw.net\/im-535729?width=700&amp;size=4.129032258064516&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-535729?width=700&amp;size=4.129032258064516&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-535729?width=700&amp;size=4.129032258064516&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-535729?width=700&amp;height=170\" alt=\"\" title=\"\">\n      <\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n      <\/figcaption><\/figure>\n<\/p><\/div>\n<p>The\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/topic\/investment-climate\/brief\/multinational-enterprises-global-pulse-survey\" class=\"icon none\">World Bank Pulse Enterprise Survey<\/a>, covering 24 low- and middle-income countries, presents a similarly troubled picture. As the chart above shows, as of January 2021, 40% of surveyed businesses expected to be in arrears within six months, including more than 70% of firms in Nepal and the Philippines and over 60% of firms in Turkey and South Africa.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Credit_crunch\"><\/span>Credit crunch<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>As more governments unwind debt moratoriums, the risks will only grow. If the past is any guide, rising NPLs will lead to less new lending, as financial institutions attempt to avoid exceeding their capital-provisioning limits and become more risk averse. A credit crunch would not only hamper the economic recovery; it would also exacerbate inequality by disproportionately affecting lending to low-income communities and smaller businesses.<\/p>\n<p>Where one or more systemically important lenders lack the capital to cover their losses, government may need to step in to recapitalize them. This could mean simply transferring the solvency problem to the public sector at a time when governments already face heavy debt burdens and strained budgets.<\/p>\n<p>Russia\u2019s war on Ukraine compounds the risks by intensifying inflationary pressures and undermining the recovery in many emerging-market economies. The war\u2019s impact is particularly acute in Central Asia, where banks are highly exposed to Russian financial institutions and connected to one another via large cross-border remittance flows. New capital and foreign-exchange controls are also creating risks for financial institutions.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"Steps_to_take\"><\/span>Steps to take<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>It is time to recognize and address this hidden crisis. The World Bank\u2019s 2022\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/publication\/wdr2022\" class=\"icon none\">World Development Report<\/a>\u00a0lays out concrete steps policy makers can take. First, countries must increase the transparency of financial-sector balance sheets. Clear, consistent practices for reporting on asset quality, enforced by effective supervision, are essential. Financial institutions must also develop their capacity to manage NPLs, so that an increase in defaults does not prevent further lending.<\/p>\n<p>Countries should also establish or enhance legal insolvency mechanisms, including hybrid out-of-court options involving conciliation and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/documents.worldbank.org\/en\/publication\/documents-reports\/documentdetail\/982181642007438817\/a-toolkit-for-corporate-workouts\" class=\"icon none\">arrangements<\/a>. Such systems\u2014which many emerging-market and developing economies currently lack\u2014can hasten the resolution of debt distress and limit damage to the financial sector. Accessible and inexpensive debt-resolution procedures that reduce the extent of court involvement in restructuring are particularly important for micro, small, and medium-size enterprises, as well as for entrepreneurs and individuals.<\/p>\n<p>Finally, regulators and lenders must ensure that households and businesses retain access to credit. An exceptionally uncertain economic environment, together with a lack of transparency about borrowers\u2019 financial condition, has increased risks and reduced the efficacy of traditional methods for measuring them. Lenders must explore new, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>-enabled approaches to risk management and loan delivery, enabled by revised government regulations that both support innovation and ensure enforceable consumer and market protection.<\/p>\n<p>Experience has shown that loan-quality issues do not fix themselves; unless addressed in a timely fashion, problems continue to grow, implying higher costs for the financial system and the real economy. If we do not heed this lesson, the hidden NPL problem will soon become impossible to ignore.<\/p>\n<p><strong><em>Carmen M. Reinhart is chief economist of the World Bank Group.\u00a0<\/em><\/strong><\/p>\n<\/p>\n<p><strong><em>Leora Klapper is lead economist of the finance and private sector research team of the Development Research Group at the World Bank.<\/em><\/strong><\/p>\n<p><strong><em>This commentary was published with permission of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.project-syndicate.org\" class=\"icon none\">Project Syndicate<\/a>\u2014<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.project-syndicate.org\/commentary\/pandemic-debt-moratorium-and-ukraine-war-boost-debt-distress-by-carmen-m-reinhart-and-leora-klapper-2022-05\" class=\"icon none\">Private-Debt Risks Are Hiding in Plain Sight<\/a><\/em><\/strong><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Carmen Reinhart\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Carmen_Reinhart\"><\/span>Carmen Reinhart<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Leora Klapper\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Leora_Klapper\"><\/span>Leora Klapper<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7CA8-8F797867EB40%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Project Syndicate: The next debt crisis is hiding in plain sight&#8221; Repayment forbearance adopted during the pandemic is expiring, putting pressure on borrowers, but policy makers blindly assume that everything will be fine WASHINGTON (Project Syndicate)\u2014When Russian tanks rolled into Ukraine, private-debt crises were probably already brewing\u2014albeit hidden from view\u2014in many parts of the world,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":440755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-535611\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-440754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/440754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=440754"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/440754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/440755"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=440754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=440754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=440754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}