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 three great problems of this century, the degradation of man in the proletariat, the subjection of women through hunger, the atrophy of the child by darkness.”
—Victor Hugo (1802–1885)
“I have said many times, and it is literally true, that there is absolutely nothing that could keep me in business, if my job were simply business to me. The human problems which I deal with every day—concerning employees as well as customers—are the problems that fascinate me, that seem important to me.”
—Hortense Odlum (1892–?)
“Our young people are diseased with the theological problems of original sin, origin of evil, predestination, and the like. These never presented a practical difficulty to any man,—never darkened across any man’s road, who did not go out of his way to seek them. These are the soul’s mumps, and measles, and whooping- coughs, and those who have not caught them cannot describe their health or prescribe a cure. A simple mind will not know these enemies.”
—Ralph Waldo Emerson (1803–1882)