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:
“Men decide far more problems by hate, love, lust, rage, sorrow, joy, hope, fear, illusion, or some other inward emotion than by reality, authority, any legal standard, judicial precedent, or statute.”
—Marcus Tullius Cicero (106–43 B.C.)
“I have a horror of people who speak about the beautiful. What is the beautiful? One must speak of problems in painting!”
—Pablo Picasso (1881–1973)
“The problems of this world are only truly solved in two ways: by extinction or duplication.”
—Susan Sontag (b. 1933)