The debtors
in Mad Money
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The debtors and how best to deal with them is surely one of the continuing but unresolved issues for the international financial system. This chapter argues that the evolution of that system has changed the nature of the debt problem, but that neither governments nor markets are any nearer a final solution to the question of how to manage transnational debt than they were in the 1980s. If one instructive comparison can be made between the Mexican debt crises of 1982 and 1994 or 1995, another might be made between the latter and the crisis in Thailand and other east Asian countries two and a half years later. If one of the big failures of the 1990s was the treatment of African debt, the other has surely been the treatment, or neglect, of the financial needs of post-socialist countries of east and central Europe, including Russia.

Mad Money

With an introduction by Benjamin J. Cohen


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