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 combat means living in a ditch, females have biological problems staying in a ditch for 30 days because they get infections.... Males are biologically driven to go out and hunt giraffes.”
—Newt Gingrich (b. 1943)
“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)
“Belonging to a group can provide the child with a variety of resources that an individual friendship often cannot—a sense of collective participation, experience with organizational roles, and group support in the enterprise of growing up. Groups also pose for the child some of the most acute problems of social life—of inclusion and exclusion, conformity and independence.”
—Zick Rubin (20th century)