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:
“Hats have never at all been one of the vexing problems of my life, but, indifferent as I am, these render me speechless. I should think a well-taught and tasteful American milliner would go mad in England, and eventually hang herself with bolts of green and scarlet ribbon—the favorite colour combination in Liverpool.”
—Willa Cather (1876–1947)
“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)
“...I have wanted to believe people could make their dreams come true ... that problems could be solved. However, this is a national illness. As Americans, we believe all problems can be solved, that all questions have answers.”
—Kristin Hunter (b. 1931)