Word: indebtednesses
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But there is some hope. In recent years, international pressure has yielded critical concessions from rich country creditors. The first and most important came in 1996, when the IMF and the World Bank—the largest lenders to poor nations—announced the creation of the Heavily Indebted...
Unfortunately, the HIPC initiative is flawed. To begin with, it measures “debt sustainability” as the ratio of a country’s annual exports to its debt burden, a problematic metric which renders impoverished nations such as Haiti, Bangladesh, and Nigeria ineligible for assistance. If...
To top it off, she said, indebted countries spend funds needed to create educational opportunities that could reduce poverty on repaying their loans.
The importance of the separation of powers highlights the need for an independent counsel. The current investigation, overseen by Attorney General John Ashcroft, is rife with conflicts of interest. Not only does Ashcroft owe his job to the administration he is investigating; he is also indebted to Karl Rove, whom...
Debt Forgiveness It has long been widely accepted, even by the developed countries holding the IOUs, that some form of debt forgiveness was needed for highly indebted poor countries. Debt overhang was stifling their growth; and without growth, they would not in any case be able to repay what they...