This paper written by Jubilee South explains the causes of the debt crisis. It begins by looking at the oil crisis of the 1970s and explains how the OPEC countries benefited while others found themselves seeking loans and getting indebted. Some positive developments are discussed in particular the move by the IMF and World Bank when they initiated the “Highly Indebted Poor Country” (HIPC) initiative in 1996. However, just over a decade on, we see that the crisis is still there. The paper offers suggestions on what we can do.
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