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:
“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)
“More than a decade after our fellow citizens began bedding down on the sidewalks, their problems continue to seem so intractable that we have begun to do psychologically what government has been incapable of doing programmatically. We bring the numbers down—not by solving the problem, but by deciding it’s their own damn fault.”
—Anna Quindlen (b. 1952)
“Those great ideas which come to you in your sleep just before you awake in morning, those solutions to the world’s problems which, in the light of day, turn out to be duds of the puniest order, couldn’t they be put to some use, after all?”
—Robert Benchley (1889–1945)