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Unpayable Debt
The debt of developing countries usually refers to the external debt incurred by governments of developing countries. There have been several historical episodes of governments of developing countries borrowing in quantities beyond their ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The debt can result from many causes. Some of the high levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited and "recycled" through western banks provided a ready source of funds for loans. While a portion of borrowed funds went towards infrastructure and economic development financed by central governments, a portion was lost to corruption and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
External Debt
A country's gross external debt (or foreign debt) is the liabilities that are owed to nonresidents by residents. The debtors can be governments, corporations or citizens. External debt may be denominated in domestic or foreign currency. It includes amounts owed to private commercial banks, foreign governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank. External debt measures an economy's obligations to make future payments and, therefore, is an indicator of a country's vulnerability to solvency and liquidity problems. Another useful indicator is the ''net'' external debt position, which equals gross external debt less external assets in the form of debt instruments. A related concept is the net international investment position (net IIP). Provided that debt securities are measured at market value, the net external debt position equals the net IIP excluding equity and investment fund shares, financial derivatives, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentine Economic Crisis
Argentines (mistakenly translated Argentineans in the past; in Spanish (masculine) or (feminine)) are people identified with the country of Argentina. This connection may be residential, legal, historical or cultural. For most Argentines, several (or all) of these connections exist and are collectively the source of their being ''Argentine''. Argentina is a multiethnic and multilingual society, home to people of various ethnic, religious, and national origins, with the majority of the population made up of Old World immigrants and their descendants. As a result, Argentines do not equate their nationality with ethnicity, but with citizenship and allegiance to Argentina. Aside from the indigenous population, nearly all Argentines or their ancestors immigrated within the past five centuries. Among countries in the world that have received the most immigrants in modern history, Argentina, with 6.6 million, ranks second to the United States (27 million), and ahead of other immigr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tanzania
Tanzania (; ), officially the United Republic of Tanzania ( sw, Jamhuri ya Muungano wa Tanzania), is a country in East Africa within the African Great Lakes region. It borders Uganda to the north; Kenya to the northeast; Comoro Islands and the Indian Ocean to the east; Mozambique and Malawi to the south; Zambia to the southwest; and Rwanda, Burundi, and the Democratic Republic of the Congo to the west. Mount Kilimanjaro, Africa's highest mountain, is in northeastern Tanzania. According to the United Nations, Tanzania has a population of million, making it the most populous country located entirely south of the equator. Many important hominid fossils have been found in Tanzania, such as 6-million-year-old Pliocene hominid fossils. The genus Australopithecus ranged across Africa between 4 and 2 million years ago, and the oldest remains of the genus ''Homo'' are found near Lake Olduvai. Following the rise of '' Homo erectus'' 1.8 million years ago, humanity spread ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated between the Baltic and North seas to the north, and the Alps to the south; it covers an area of , with a population of almost 84 million within its 16 constituent states. Germany borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, and France, Luxembourg, Belgium, and the Netherlands to the west. The nation's capital and most populous city is Berlin and its financial centre is Frankfurt; the largest urban area is the Ruhr. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity. A region named Germania was documented before AD 100. In 962, the Kingdom of Germany formed the bulk of the Holy Roman Empire. During the 16th ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jubilee 2000
Jubilee 2000 was an international coalition movement in over 40 countries that called for cancellation of third world debt by the year 2000. This movement coincided with the Great Jubilee, the celebration of the year 2000 in the Roman Catholic Church, Catholic Church. The campaign has been generally hailed as very successful. As planned, the Jubilee 2000 Coalition dissolved at the end of the millennium year but left a legacy of organisations around the world. Concept The concept derived from the biblical idea of the year of Jubilee (Biblical), Jubilee, the 50th year. In the Jubilee Year as quoted in Leviticus, those Debtors' prison, enslaved because of debts are freed, lands lost because of debt are returned, and community torn by inequality is restored. It aimed to wipe out $90 billion of debt owed by the world's poorest nations, reducing the total to about $37 billion. The idea was first articulated by Martin Dent (academic), Martin Dent, a retired lecturer in politics at the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Task Force Argentina
The American Task Force Argentina is a group of American stakeholders that seek the full payment of Argentine debt to holdouts and vulture funds. The Argentine government compared it with an actual task force, operating against Argentina. See also * Argentine debt restructuring The Argentine debt restructuring is a process of debt restructuring by Argentina that began on January 14, 2005, and allowed it to resume payment on 76% of the US$82 billion in sovereign bonds that defaulted in 2001 at the depth of the worst ... References External links Official site Argentina–United States relations {{Argentina-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vulture Fund
A vulture fund is a hedge fund, private-equity fund or distressed debt fund, that invests in debt considered to be very weak or in default, known as distressed securities. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to subsequently sell the debt for a larger amount than the purchasing price. Debtors include companies, countries, and individuals. Vulture funds have had success in bringing attachment and recovery actions against sovereign debtor governments, usually settling with them before realizing the attachments in forced sales. Settlements typically are made at a discount in hard or local currency or in the form of new debt issuance. In one instance involving Peru, such a seizure threatened payments to other creditors of the sovereign obliger. History Sovereign debt collection was rare until the 1950s when sovereign immunity of government issuers started to become restricted by contract terms. Thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
December 2001 Riots (Argentina)
December is the twelfth and final month of the year in the Julian and Gregorian calendars and is also the last of seven months to have a length of 31 days. December got its name from the Latin word ''decem'' (meaning ten) because it was originally the tenth month of the year in the calendar of Romulus which began in March. The winter days following December were not included as part of any month. Later, the months of January and February were created out of the monthless period and added to the beginning of the calendar, but December retained its name. Macrobius, '' Saturnalia'', tr. Percival Vaughan Davies (New York: Columbia University Press, 1969), book I, chapters 12–13, pp. 89–95. In Ancient Rome, as one of the four Agonalia, this day in honour of Sol Indiges was held on December 11, as was Septimontium. Dies natalis (birthday) was held at the temple of Tellus on December 13, Consualia was held on December 15, Saturnalia was held December 17–23, Opiconsivia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Black Wednesday
Black Wednesday (or the 1992 Sterling crisis) occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the European Exchange Rate Mechanism (ERM), after a failed attempt to keep its exchange rate above the lower limit required for the ERM participation. At that time, the United Kingdom held the Presidency of the Council of the European Union. The crisis damaged the credibility of the second Major ministry in handling of economic matters. The ruling Conservative Party suffered a landslide defeat five years later at the 1997 United Kingdom general election and did not return to power until 2010. The rebounding of the UK economy in the years after Black Wednesday has been attributed to the fall in the value of sterling and the replacement of the ERM with an inflation targeting monetary stability policy. Prelude When the ERM was set up in 1979, the United Kingdom declined to join. This was a controversial decision, as the Chancellor of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be attri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Budget Deficit
The government budget balance, also alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a ''government budget surplus'', and a negative balance is a ''government budget deficit''. A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. A budget is prepared for each level of government (from national to local) and takes into account public social security obligations. The government budget balance can be broken down into the ''primary balance'' and interest payments on accumulated government debt; the two together give the budget balance. Furthermore, the budget balance can be broken down into the ''structural balance'' (also known as ''cyclically-adjusted balance'') and the cyclical component: the structural budget balance attempts to adjust for the impact of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Dollar
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
