Vinod K. Aggarwal and Brigitte Granville
Sovereign Debt: Origins, Management, and Restructuring, 2003
The problem of international debt rarely seems to leave the headlines. In 2001 and 2002, the drastic devaluation and debt default in Argentina propelled its population into misery. Unfortunately, Brazil may be next. In 1997, East Asia faced ruin; and the Russian default followed soon after, in August 1998. In September 1996, the heavily indebted poor countries (HIPC) initiative was announced by the World Bank and the International Monetary Fund (IMF), not long after the peso crisis in Mexico in the mid-1990s. Previously, in the 1980s, Latin American countries and others in Asia and Africa faced severe debt problems. Going back even further, debt crises and rescheduling were a common phenomenon throughout the nineteenth and twentieth centuries, and even earlier.