>I don't doubt at all that debt is used to subordinate poor counties, but
if
>debt forgiveness would be financially inconsequential to the creditor
>nations, why is it always a "crisis" with "systemic implications" when
some
>Third World nation looks like it might default on its debt?
It's basically because there are two types of "third world" countries -- small ones like Guinea-Bissau who owe next to nothing (and for whom it's all fully provided against anyway) and big ones like Mexico and Russia who have borrowed vast amountsfrom banks whose financial future depends on getting it back. Technically, this is known as "highly indebted poor countries" (HIPCs) versus "emerging markets".
No sign of the RTS bunch as of 0800 hours at Moorgate.
dd
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