Word: debtors
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...crisis first struck in August 1982, it seemed like a virulent fever that might quickly overwhelm the world financial system. Instead, it turned out to be more like a chronic ailment that flares up or recedes by turn but is always maddeningly present. When representatives of both creditor and debtor nations came together in Washington last week for meetings of the policymaking committees of the International Monetary Fund and the World Bank, the persistent debt dilemma was at the top of the agenda. Fears are rising once again about the financial condition of Brazil and Argentina, as well as that...
...whom Bush has just deputed to help renegotiate Iraq's hefty debt. Of the $21 billion (excluding interest) that Baghdad owes to non-Arab states, more than $9.3 billion is due to Germany, Russia, Canada and France. (The U.S. is owed an additional $2.2 billion.) Political leaders in debtor countries left off the list yelped at the bizarre conjunction of events, while U.S. allies like the British sighed at the plan's unhelpful diplomacy. In the best case, Baker will have to spend time on his travels smoothing ruffled feathers--one reason the White House, which had initially signed...
Eurkus said that when the first such loans were made in the 1960s, Accion International’s management did not expect any of the debtor countries to return the loan...
These examples give us a glimpse of the enormous potential that more extensive debt relief holds for poor countries. Indeed, organizations like Jubilee are calling for full debt cancellation for all impoverished debtor nations. And experts argue that such a commitment is altogether feasible for the IMF and the World Bank. Debt cancellation is not ultimately a question of resources; it is a matter of political will...
...borrowed during the 1997 crisis, it announced a program to reverse key changes imposed upon it. (For example, a bankruptcy law widely viewed within Thailand as too friendly to creditors was effectively imposed in 1998; today Thailand is moving toward adoption of a law that balances creditor and debtor interests.) Ownership requires participation in the decision making; as World Bank president James Wolfensohn has put it, the "country should be in the driver's seat." While critics have said that effective control remains in the hands of the instructor (the IMF and World Bank), the fact is that - especially...