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| | Global Debt and Third World Development |
 | | Debt service, defined as the sum of actual repayments of principal and actual payments of interest made in foreign currencies, goods, or services on external public and publicly guaranteed debt, accounted for 1.5 percent of their GNP and 12.4 percent of their to exports of goods and services in 1970. |
 | | The external debt crisis that emerged in many developing countries in 1982 can be traced to higher oil prices in 1973-74 and 1979-80, high interest rates in 1980-82, declining export prices and volume associated with global recession in 1981-82, problems of domestic economic management, and an adverse psychological shift in the credit markets. |
 | | Indeed, talk of the "debt crisis" was rarely heard in the developed world in the early 1990s, even though the total amount of debt owed by developing countries steadily increased. |
| www.mtholyoke.edu /acad/intrel/globdebt.htm (10491 words) |
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