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debt crisis |
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debt crisisAny situation in which an individual, company, or country owes more to others than it can repay or pay interest on; more specifically, the massive indebtedness of many developing countries that became acute in the 1980s, threatening the stability of the international banking system as many debtor countries became unable to service their debts. |
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The point is perhaps best illustrated by a reply I received from a seasoned Wall Street trader when I recently asked him where he thought that the next emerging market debt crisis would take place. By a draft on the external debt crisis and development, adopted without a vote, the Assembly stressed that debt relief could play a key role in liberating resources for poverty eradication, economic growth and sustainable development. One major change is that private land contracts, a popular transfer technique prior to the debt crisis of the 1980s, are used on only 4% of the land now. |
debt crisis
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