The Latin American debt crisis was a financial crisis that originated in the early 1980s (and for some countries starting in the 1970s), often known as the "lost decade", when Latin American countries reached a point where their foreign debt exceeded their earning power and they were not able to repay it.
Read more about Latin American Debt Crisis: Origins, Beginning of The Debt Crisis, Effects, Effects of Latin American Debt Crisis and The IMF, Current Levels of External Debt
Famous quotes containing the words latin, american, debt and/or crisis:
“In my dealing with my child, my Latin and Greek, my accomplishments and my money stead me nothing; but as much soul as I have avails. If I am wilful, he sets his will against mine, one for one, and leaves me, if I please, the degradation of beating him by my superiority of strength. But if I renounce my will, and act for the soul, setting that up as umpire between us two, out of his young eyes looks the same soul; he reveres and loves with me.”
—Ralph Waldo Emerson (1803–1882)
“If we can “boondoggle” ourselves out of this depression, that word is going to be enshrined in the hearts of the American people for years to come.”
—Franklin D. Roosevelt (1882–1945)
“There is, of course, a gold mine or a buried treasure on every mortgaged homestead. Whether the farmer ever digs for it or not, it is there, haunting his daydreams when the burden of debt is most unbearable.”
—Fawn M. Brodie (1915–1981)
“A crisis unmasks everyone.”
—Mason Cooley (b. 1927)