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:
“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)
“We are all adult learners. Most of us have learned a good deal more out of school than in it. We have learned from our families, our work, our friends. We have learned from problems resolved and tasks achieved but also from mistakes confronted and illusions unmasked. . . . Some of what we have learned is trivial: some has changed our lives forever.”
—Laurent A. Daloz (20th century)
“I had many problems in my conduct of the office being contrasted with President Kennedy’s conduct in the office, with my manner of dealing with things and his manner, with my accent and his accent, with my background and his background. He was a great public hero, and anything I did that someone didn’t approve of, they would always feel that President Kennedy wouldn’t have done that.”
—Lyndon Baines Johnson (1908–1973)