Problems
Sovereign debt problems have been a major public policy issue since World War II, including the treatment of debt related to that war, the developing country "debt crisis" in the 1980s, and the shocks of the 1998 Russian financial crisis and Argentina's default in 2001.
Not all developing countries have been affected to the same extent. For example Yugoslavia had low government debt (perhaps because it was unable to borrow on world markets) until its breakup and the coming of democracy, when the new national governments started to borrow money from the IMF. Croatia has a government debt of $47 billion today while the whole of Yugoslavia (six times as many people as Croatia) in 1980 had debt of $14 billion.
Read more about this topic: Government Debt
Famous quotes containing the word problems:
“The question of place and climate is most closely related to the question of nutrition. Nobody is free to live everywhere; and whoever has to solve great problems that challenge all his strength actually has a very restricted choice in this matter. The influence of climate on our metabolism, its retardation, its acceleration, goes so far that a mistaken choice of place and climate can not only estrange a man from his task but can actually keep it from him: he never gets to see it.”
—Friedrich Nietzsche (1844–1900)
“The mother’s and father’s attitudes toward the child correspond to the child’s own needs.... Mother has the function of making him secure in life, father has the function of teaching him, guiding him to cope with those problems with which the particular society the child has been born into confronts him.”
—Erich Fromm (1900–1980)
““What we know, is a point to what we do not know.” Open any recent journal of science, and weigh the problems suggested concerning Light, Heat, Electricity, Magnetism, Physiology, Geology, and judge whether the interest of natural science is likely to be soon exhausted.”
—Ralph Waldo Emerson (1803–1882)