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| 1 |
ID:
186160
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| Summary/Abstract |
The article reviews the positions and policies of Middle Eastern and North African states towards the external ‘debt crisis’ of the 1980s within the context of contemporary debates and negotiations held at regional and international levels. MENA countries shared many commonalities with their developing partners across the postcolonial world and participated actively in the debates within multilateral organizations, such as the United Nations Conference on Trade and Development (UNCTAD). Because standard borrowing in the MENA was public, bilateral and closely tied to politics, the article argues for the relevance of regional factors in shaping the course of the debt crisis in the MENA region, and challenges the common visions for which Western creditors could manage external debt as an effective ‘lever’ for introducing neoliberal policies: oil endowment, armed conflicts and alliances shaped the timing and results of the debt crisis in the MENA. The research is based on an extensive review of regional and international literature coupled with documents and proceedings from the UN organizations.
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| 2 |
ID:
147111
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Almost as soon as the financial crisis struck in late 2007, policymakers began working to prevent another one. The roots [1] of the crisis, they contended, lay in reckless lending [2] and excess debt. Banks had made massive loans to “subprime” borrowers, who had little ability to repay them, and the banks funded these investments with borrowed money. When the U.S. housing bubble burst, millions of Americans defaulted on their mortgages, and the overleveraged banks collapsed. The government had to bail them out [3], and U.S. taxpayers picked up the bill.
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| 3 |
ID:
136049
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This article views the history of the Group of 77 through the lens of its relations with unctad’s establishment in 1964, its unsuccessful struggle for the nieo in the 1970s, and the subsequent loosening of ties. The debt crisis of the 1980s, the Uruguay Round negotiations, and the arrival of the wto are seen as crucial forces unravelling the previously close links. Growing differentiation among developing countries and the changing leadership of the G77 are also cited as important influences on its current relationship with unctad.
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| 4 |
ID:
186161
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| Summary/Abstract |
This article deals with Egypt's debt crisis experience of the 1980s, which marked its own place in history. By the 1980s Egypt had a savings-investment gap; an export import gap; and a gap between government revenue and expenditure. The textbook answer was the Washington Consensus. Towards the end of the 1980s Egypt's military debt plus an interest rate of 15 per cent put the country in a situation where it wanted the debt to be cancelled. The USA responded that debt forgiveness wouldn’t be possible given the laws of the land. However, with Egypt’s participation in the liberation of Kuwait from the invasion of Iraq, the USA could cancel the debt. After that, Saudi Arabia and Kuwait cancelled Egypt's debts to them. Other countries in Europe agreed, provided that Egypt would reach agreement with the World Bank and International Monetary Fund. Consequently, Egypt’s interest rates turned from negative to positive. Inflation fell from 22 per cent to 4.1 per cent, and the budget deficit fell to 0.6 per cent. Active negotiations of the Egyptian Ambassador, Mr El Reedy, fully supported by President Mubarak were key to this solution. This reflects the importance of having a multidimensional discussion when discussing the economic aspect of debt.
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| 5 |
ID:
186162
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The fall of international oil prices by the mid-1980s and the associated economic downturn of the oil-rich countries of the Gulf represented a turning point in the economic history of Jordan, which has been historically dependent on international aid and workers’ remittances. Expansionary policies, failing to recognize the reduced inflow of external rent, led to an unprecedented rise in public debt. The situation culminated in 1989 in a deep financial crisis which induced Jordan to start a comprehensive economic reform program, inspired by the principles of the Washington Consensus. This study aims at investigating the emergence and main sources of Jordanian public debt, focusing on its external components. Based on archival research and interviews with experts, the study analyses the main reasons behind the rapid public debt increase in the second half of the 1980s and discusses its sustainability in relation to main creditor nations, negotiations with the donor community, conditionality of support, and implementation of reforms. The analysis reveals that before the 1989 crisis, there was no centralized management of public debt and debt was contracted to finance the needs of a bloated state apparatus and was not linked to comprehensive development strategies.
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| 6 |
ID:
190452
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Greece was never internationally renowned for its defence industry; in fact, its state-owned industries were usually a source of headaches rather than income for Athens. The Debt Crisis (2008-18) compounded the chronic ills of the Greek defence ecosystem which appeared to decline irreversibly. And yet, in recent years they rebounded and reached new heights. How can this surprising turnaround be explained? And what does it indicate for the future of the Greek defence industry? This paper aspires to examine how the Greek defence ecosystem (state- and private-owned) evolved from a stage of stagnation and decline into a phase of stabilisation.
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| 7 |
ID:
186158
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| Summary/Abstract |
The year 2022 marks the fortieth anniversary of the 1982 Mexican debt crisis, the first of a long series of financial turbulences that would soon spread to most of the developing world and beyond. Ever since, international historiography has produced a wide arrange of analyses that, despite their diversity, came to see the 1980s international debt crisis as a momentous event through which the United States and Western Europe reimposed their financial hegemony over the decolonised world and socialist camp. The contributions to this special issue of Middle Eastern Studies primarily aim at reassessing the process that brought economic neoliberalism throughout the Middle East and North Africa (MENA) in the context of debt crises. In particular, they challenge ‘teleological’ views that see the opening to market economy as a result of the creditors’ agenda, thus depriving actors in debtor countries of their agency. The essays published herein explore the levers, instruments and policy-making process to which debtor states resorted to shape their own integration process in the global neoliberal economy.
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| 8 |
ID:
106035
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2011.
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| Summary/Abstract |
This article examines how the Mexican state drew upon nationalist discourse for legitimacy following the 1982 debt crisis. The analytical framework situates Mexico within the context of Latin American nationalism and explores the structural and conjunctural factors that contributed to the endurance and effectiveness of Mexican revolutionary nationalism as a hegemonic nationalist discourse. Historical commemorations during the Miguel de la Madrid administration (1982-88) are then examined to show how the state evoked nationalist motifs as it dealt with economic crisis, pressure from the USA, domestic political opposition and the implementation of neoliberal reforms. The relative effectiveness of sometimes counterintuitive appeals to nationalist legitimacy is found to be neither wholly 'rational' nor 'irrational', in this case having its basis in a history of elite and popular negotiation through the revolutionary nationalist framework, the continuity of the post-revolutionary Partido de la Revolución Institutional (PRI) state model and the lack of a viable competing paradigm.
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| 9 |
ID:
134218
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2014.
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| Summary/Abstract |
This paper asks why Japan has not yet suffered from a sovereign debt crisis, although its gross public debt as a percentage of GDP is much higher than in Greece. We use a simple stylized model to explain the occurrence of both a fundamental and a speculative debt crisis. We apply this model to both countries and derive some hypotheses about why investors are still ready to hold Japanese Government Bonds. In particular, we point to the significance of domestic debt holdings, to the central bank's government debt purchases, to investors' access to "safe havens," and to the role of an autonomous monetary policy. We also analyze potential challenges to Japan's long-term fiscal situation, resulting from its aging population.
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| 10 |
ID:
172480
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Sri Lanka was confronted with three interrelated crises in 2019: the unresolved gridlock of last year’s constitutional crisis; the Easter bombings and their turbulent aftermath; and the coming to a head of fiscal shortfalls and debt burdens. Growth is stalling, living costs are rising, deficits are widening, and the price of Sri Lanka’s debt is weighing heavily on the government budget. In the presidential elections, Gotabaya Rajapaksa, heir of the Rajapaksa dynasty, prevailed with a landslide.
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| 11 |
ID:
185215
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| Summary/Abstract |
The Rajapaksa government consolidated its position with new laws, special task forces, and public-sector appointments. With the opposition wiped out, Sri Lanka now has a unipolar political landscape. Two successive waves of COVID-19 infections caused a rising death toll and necessitated severe lockdowns. The resulting economic problems exposed structural weaknesses in Sri Lanka’s macroeconomic constellation, with depleting foreign exchange and an acute debt burden. These interlocking crises triggered new forms of protest and a new convergence of previously disparate societal opposition.
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| 12 |
ID:
132466
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| Publication |
2014.
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| Summary/Abstract |
The austerity efforts of European governments following the sovereign debt crisis have reinforced the long-running trend of shrinking defence expenditure in Europe. The need to implement a sustainable spending and budget policy in order to prevent young and future generations from being unduly burdened with debt is often used as the key justification. This argument makes obvious sense. But it isolates financial considerations and budget consolidation from a world in which the uncertainty of developments in the international security realm remains a core feature of international politics. The result is that the goals of financial policy and security policy are increasingly in conflict. Security policy, too, has to be sustainable for the state to discharge its responsibility for the security and freedom of its citizens in the future.
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| 13 |
ID:
122474
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| Publication |
2013.
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| Summary/Abstract |
The sovereign debt crisis in Greece and other periphery countries is a yardstick for the viability of the European project: if Greece defaults and exits the Euro-zone, then the entire European architecture will be questioned. This article examines the origins of the Greek debt crisis and argues that the key sources of the debt are the economic and political factions that have dominated Greek politics since the fall of the Colonels in summer 1974 amidst the Cyprus calamity. These factions (political parties, comprador economic interests etc.), whose policy actions and preferences are amalgamated with the interests of Euro-Atlantic elites, are now being severely undermined, both politically and economically, as the prosperity of the Greek middle classes is eroded following two years of harsh austerity measures imposed on the Greek ruling factions by those Euro-Atlantic elites. Furthermore, this article outlines ways out of the Greek debt crisis, putting into test some reasonable policy proposals that are being widely discussed in Greece and abroad.
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| 14 |
ID:
157574
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