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:
“Currently, U.S. society has been encouraged by its political and subsidized mass-media intelligentsia to view U.S. life as a continual “morning in America” paradise, where the only social problems occur in the inner cities. Psychologists call this denial.”
—Ishmael Reed (b. 1938)
“The Settlement ... is an experimental effort to aid in the solution of the social and industrial problems which are engendered by the modern conditions of life in a great city. It insists that these problems are not confined to any one portion of the city. It is an attempt to relieve, at the same time, the overaccumulation at one end of society and the destitution at the other ...”
—Jane Addams (1860–1935)
“I believe that if we are to survive as a planet, we must teach this next generation to handle their own conflicts assertively and nonviolently. If in their early years our children learn to listen to all sides of the story, use their heads and then their mouths, and come up with a plan and share, then, when they become our leaders, and some of them will, they will have the tools to handle global problems and conflict.”
—Barbara Coloroso (20th century)