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:
“All problems are finally scientific problems.”
—George Bernard Shaw (1856–1950)
“The problems of society will also be the problems of the predominant language of that society. It is the carrier of its perceptions, its attitudes, and its goals, for through it, the speakers absorb entrenched attitudes. The guilt of English then must be recognized and appreciated before its continued use can be advocated.”
—Njabulo Ndebele (b. 1948)
“I’m no good at being noble, but it doesn’t take much to see that the problems of three little people don’t amount to a hill of beans in this crazy world. Someday you’ll understand that.”
—Julius J. Epstein, U.S. screenwriter, Philip Epstein, screenwriter, Howard Koch, screenwriter, and Michael Curtiz. Rick Blaine (Humphrey Bogart)