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:
“The problems of society will also be the problems of the predominant language of that society. It is the carrier of its perceptions, its attitudes, and its goals, for through it, the speakers absorb entrenched attitudes. The guilt of English then must be recognized and appreciated before its continued use can be advocated.”
—Njabulo Ndebele (b. 1948)
“The Settlement ... is an experimental effort to aid in the solution of the social and industrial problems which are engendered by the modern conditions of life in a great city. It insists that these problems are not confined to any one portion of the city. It is an attempt to relieve, at the same time, the overaccumulation at one end of society and the destitution at the other ...”
—Jane Addams (1860–1935)
“In many ways, life becomes simpler [for young adults]. . . . We are expected to solve only a finite number of problems within a limited range of possible solutions. . . . It’s a mental vacation compared with figuring out who we are, what we believe, what we’re going to do with our talents, how we’re going to solve the social problems of the globe . . .and what the perfect way to raise our children will be.”
—Roger Gould (20th century)