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Developing Countries' Debt
The debt of developing countries usually refers to the external debt incurred by governments of developing countries. There have been several historical episodes of governments of developing countries borrowing in quantities beyond their ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The debt can result from many causes. Some of the high levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited and "recycled" through western banks provided a ready source of funds for loans. While a portion of borrowed funds went towards infrastructure and economic development financed by central governments, a portion was lost to corrup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
External Debt
A country's gross external debt (or foreign debt) is the liabilities that are owed to nonresidents by residents. The debtors can be government, governments, corporation, corporations or citizens. External debt may be denominated in domestic or foreign currency. It includes amounts owed to private commercial banks, foreign governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank. External debt measures an economy's obligations to make future payments and, therefore, is an indicator of a country's vulnerability to solvency and liquidity problems. Another useful indicator is the ''net'' external debt position, which equals gross external debt minus external assets in the form of debt instruments. A related concept is the net international investment position (net IIP). Provided that debt securities are measured at market value, the net external debt position equals the net IIP excluding equity and investment fund share ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998–2002 Argentine Great Depression
The 1998–2002 Argentine great depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed fifteen years of Economic history of Argentina#Stagnation (1975–1990), stagnation and a brief period of Economic history of Argentina#Free-market reforms (1990–1995), free-market reforms. The depression, which began after the 1998 Russian financial crisis, Russian and Samba effect, Brazilian financial crises, caused widespread unemployment, December 2001 riots in Argentina, riots, the fall of the government, a Sovereign default, default on the country's foreign debt, the rise of alternative currencies and the end of the Argentine peso, peso's fixed exchange rate to the United States dollar, US dollar. The economy shrank by 28 per cent from 1998 to 2002. In terms of income, over 50 per cent of Argentines lived below the official poverty line and 25 per cent were indigent (their basic needs were unm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tanzania
Tanzania, officially the United Republic of Tanzania, is a country in East Africa within the African Great Lakes region. It is bordered by Uganda to the northwest; Kenya to the northeast; the Indian Ocean to the east; Mozambique and Malawi to the south; Zambia to the southwest; and Rwanda, Burundi, and the Democratic Republic of the Congo to the west. According to a 2024 estimate, Tanzania has a population of around 67.5 million, making it the most populous country located entirely south of the equator. Many important hominid fossils have been found in Tanzania. In the Stone and Bronze Age, prehistoric migrations into Tanzania included South Cushitic languages, Southern Cushitic speakers similar to modern day Iraqw people who moved south from present-day Ethiopia; Eastern Cushitic people who moved into Tanzania from north of Lake Turkana about 2,000 and 4,000 years ago; and the Southern Nilotic languages, Southern Nilotes, including the Datooga people, Datoog, who originated fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Germany
Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total population of over 84 million in an area of , making it the most populous member state of the European Union. It borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, and France, Luxembourg, Belgium, and the Netherlands to the west. The Capital of Germany, nation's capital and List of cities in Germany by population, most populous city is Berlin and its main financial centre is Frankfurt; the largest urban area is the Ruhr. Settlement in the territory of modern Germany began in the Lower Paleolithic, with various tribes inhabiting it from the Neolithic onward, chiefly the Celts. Various Germanic peoples, Germanic tribes have inhabited the northern parts of modern Germany since classical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jubilee 2000
Jubilee 2000 was an international coalition movement in over 40 countries that called for cancellation of third world debt by the year 2000. This movement coincided with the Great Jubilee, the celebration of the year 2000 in the Catholic Church. The campaign has been generally hailed as very successful. As planned, the Jubilee 2000 Coalition dissolved at the end of the millennium year but left a legacy of organisations around the world. Concept The concept derived from the biblical idea of the year of Jubilee (Biblical), Jubilee, the 50th year. In the Jubilee Year as quoted in Leviticus, those Debtors' prison, enslaved because of debts are freed, lands lost because of debt are returned, and community torn by inequality is restored. It aimed to wipe out $90 billion of debt owed by the world's poorest nations, reducing the total to about $37 billion. The idea was first articulated by the activist Paul Vallely in his 1990 book ''Bad Samaritans – First World Ethics and Third World ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Task Force Argentina
The American Task Force Argentina is a group of American stakeholders that seek the full payment of Argentine debt to holdouts and vulture funds. The Argentine government compared it with an actual task force, operating against Argentina. See also * Argentine debt restructuring The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, and allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst ... References External links Official site Argentina–United States relations {{Argentina-poli-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vulture Fund
A vulture fund is a hedge fund or private-equity fund that invests in debt considered to be very weak or in default, known as distressed debt. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to sell the debt for more than the purchasing price. Debtors include companies, countries, and individuals. Vulture funds have had success in bringing attachment and recovery actions against sovereign debtor governments, usually settling with them before realizing the attachments in forced sales. Settlements typically are made at a discount in hard or local currency or in the form of new debt issuance. In some instances, such as those involving Peru and Argentina, such a seizure blocked payments to other creditors of the sovereign obligor. History Sovereign debt collection was rare until the 1950s when sovereign immunity of government issuers started to become restricted by contract terms. This trend developed from th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
December 2001 Riots (Argentina)
The December 2001 crisis, sometimes known as the Argentinazo (), was a period of civil unrest and rioting in Argentina, which took place during December 2001, with the most violent incidents taking place on 19 and 20 December in the capital, Buenos Aires, Rosario and other large cities around the country. It was preceded by a popular revolt against the Argentine government, rallying behind the motto "All of them must go!" (), which caused the resignation of then-president Fernando de la Rúa, giving way to a period of political instability during which five government officials performed the duties of the Argentine presidency. This period of instability occurred during the larger period of crisis known as the Argentine great depression, an economic, political, and social crisis that lasted from 1998 until 2002. The December 2001 crisis was a direct response to the government's imposition of "Corral" policies () at the behest of economic minister Domingo Cavallo, which rest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Wednesday
Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism (ERMI), following a failed attempt to keep its exchange rate above the lower limit required for ERM participation. At that time, the United Kingdom held the Presidency of the Council of the European Union. The crisis damaged the credibility of the second Major ministry in handling of economic matters. The ruling Conservative Party suffered a landslide defeat five years later at the 1997 general election and did not return to power until 2010. The rebounding of the UK economy in the years following Black Wednesday has been attributed to the depreciation of sterling and the replacement of its currency tracking policy with an inflation targeting monetary stability policy. Prelude When the ERM was set up in 1979, the United Kingdom declined to join. This was a contr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget Deficit
The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government government revenues, revenues and government expenditures, spending. For a government that uses accrual accounting in the public sector, accrual accounting (rather than cash accounting) the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a ''government budget surplus'', and a negative balance is a ''government budget deficit''. A government budget presents the government's proposed revenues and spending for a financial year. The government budget balance can be broken down into the ''primary balance'' and interest payments on accumulated government debt; the two together give the budget balance. Furthermore, the budget balance can be broken down into the ''structural balance'' (also known as ''cyclically-adjus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Dollar
The United States dollar (symbol: $; currency code: USD) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The U.S. dollar was originally defined under a bimetallic standard of (0.7734375 troy ounces) fine silver or, from 1834, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce. In 1971 all links to gold were repealed. The U.S. dollar became an important international reserve currency after the First World War, and displaced the pound sterling as the world's primary reserve currency by the Bretton Woods Ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
