ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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International Debt-Futility of Stop-gap Measures

 'modernisation'. It is, therefore, ready to reassure the US about its intentions towards its neighbours. International Debt Futility of Stop-gap Measures A YEAR or so back, everyone spoke of the debt bomb that was going to explode any time because three major debtor countries from Latin America, Argentina, Brazil and Mexico, accounting between them for almost two-thirds of the developing countries' debt to commercial banks, faced serious difficulties in meeting their interest and repayment obligations. Today, the debt bomb is supposed to be all but defused. All the three above-mentioned countries have done well in their external accounts, with earnings from exports having risen and imports having fallen. But call it coincidence or the inevitable consequence of the 'adjustment' measures which were forced upon these countries (as also upon several others which faced similar difficulties) or what you will, these same three countries are now making the headlines for their serious internal economic problems, which may very soon spill over into their external economic relations.

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