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:
“Currently, U.S. society has been encouraged by its political and subsidized mass-media intelligentsia to view U.S. life as a continual “morning in America” paradise, where the only social problems occur in the inner cities. Psychologists call this denial.”
—Ishmael Reed (b. 1938)
“If we fail to meet our problems here, no one else in the world will do so. If we fail, the heart goes out of progressives throughout the world.”
—Eleanor Roosevelt (1884–1962)
““What we know, is a point to what we do not know.” Open any recent journal of science, and weigh the problems suggested concerning Light, Heat, Electricity, Magnetism, Physiology, Geology, and judge whether the interest of natural science is likely to be soon exhausted.”
—Ralph Waldo Emerson (1803–1882)