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:
“Our [adult] children have an adult’s right to make their own choices and have the responsibility of living with the consequences. If we make their problems ours, they avoid that responsibility, and we are faced with problems we can’t and shouldn’t solve.”
—Jane Adams (20th century)
“The problems of victory are more agreeable than the problems of defeat, but they are no less difficult.”
—Winston Churchill (1874–1965)
“Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and Determination alone are omnipotent. The slogan “Press On”, has solved and will always solve the problems of the human race.”
—Calvin Coolidge (1872–1933)