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:
“I had many problems in my conduct of the office being contrasted with President Kennedy’s conduct in the office, with my manner of dealing with things and his manner, with my accent and his accent, with my background and his background. He was a great public hero, and anything I did that someone didn’t approve of, they would always feel that President Kennedy wouldn’t have done that.”
—Lyndon Baines Johnson (1908–1973)
“It is not impossible, of course, after such an administration as Roosevelt’s and after the change in method that I could not but adapt in view of my different way of looking at things, that questions should arise as to whether I should go back on the principles of the Roosevelt administration.... I have a government of limited power under a Constitution, and we have got to work out our problems on the basis of law. Now, if that is reactionary, then I am a reactionary.”
—William Howard Taft (1857–1930)
“Wittgenstein imagined that the philosopher was like a therapist whose task was to put problems finally to rest, and to cure us of being bewitched by them. So we are told to stop, to shut off lines of inquiry, not to find things puzzling nor to seek explanations. This is intellectual suicide.”
—Simon Blackburn (b. 1944)