The Third World’s Debt Problem
John Kenneth Galbraith discussed the Third World’s debt problem well before the ‘official start’ of the sovereign debt crisis in 1982. In a paper published by the German Federal Ministry of Cooperation in 1979 and reprinted in the annex of the German edition of his book The Nature of Mass Poverty (Galbraith, 1980, pp. 140ff.) he described Third World demands for debt relief and for a new framework to resolve debt issues with a great deal of sympathy. He emphasized in particular the strong Third World focus on reforms of debtor-creditor relations, such as an appropriate role in debt rescheduling or an international commission on debts.
KeywordsSovereign Debt Debt Relief Debtor Country Private Creditor International Development Association
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