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:
“Sustained unemployment not only denies parents the opportunity to meet the food, clothing, and shelter needs of their children but also denies them the sense of adequacy, belonging, and worth which being able to do so provides. This increases the likelihood of family problems and decreases the chances of many children to be adequately prepared for school.”
—James P. Comer (20th century)
“If when a businessman speaks of minority employment, or air pollution, or poverty, he speaks in the language of a certified public accountant analyzing a corporate balance sheet, who is to know that he understands the human problems behind the statistical ones? If the businessman would stop talking like a computer printout or a page from the corporate annual report, other people would stop thinking he had a cash register for a heart. It is as simple as that—but that isn’t simple.”
—Louis B. Lundborg (1906–1981)
“If we parents accept that problems are an essential part of life’s challenges, rather than reacting to every problem as if something has gone wrong with universe that’s supposed to be perfect, we can demonstrate serenity and confidence in problem solving for our kids....By telling them that we know they have a problem and we know they can solve it, we can pass on a realistic attitude as well as empower our children with self-confidence and a sense of their own worth.”
—Barbara Coloroso (20th century)