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:
“If we parents accept that problems are an essential part of life’s challenges, rather than reacting to every problem as if something has gone wrong with universe that’s supposed to be perfect, we can demonstrate serenity and confidence in problem solving for our kids....By telling them that we know they have a problem and we know they can solve it, we can pass on a realistic attitude as well as empower our children with self-confidence and a sense of their own worth.”
—Barbara Coloroso (20th century)
“If family communication is good, parents can pick up the signs of stress in children and talk about it before it results in some crisis. If family communication is bad, not only will parents be insensitive to potential crises, but the poor communication will contribute to problems in the family.”
—Donald C. Medeiros (20th century)
“If we fail to meet our problems here, no one else in the world will do so. If we fail, the heart goes out of progressives throughout the world.”
—Eleanor Roosevelt (1884–1962)