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Sovereign Debt at the CrossroadsChallenges and Proposals for Resolving the Third World Debt Crisis$
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Chris Jochnick and Fraser A. Preston

Print publication date: 2006

Print ISBN-13: 9780195168006

Published to Oxford Scholarship Online: May 2006

DOI: 10.1093/0195168003.001.0001

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Playing Games with African Lives: The G7 Debt Relief Strategy and the Politics of Indifference

Playing Games with African Lives: The G7 Debt Relief Strategy and the Politics of Indifference

Chapter:
(p.35) 2 PLAYING GAMES WITH AFRICAN LIVES: THE G7 DEBT RELIEF STRATEGY AND THE POLITICS OF INDIFFERENCE
Source:
Sovereign Debt at the Crossroads
Author(s):

Fantu Cheru

Publisher:
Oxford University Press
DOI:10.1093/0195168003.003.0003

This chapter examines the politics of policy reform in low-income Africa, and specifically the double standard applied by the creditor countries in dealing with the debts of middle-income Latin American and low-income African countries. Whereas the Latin American debt was promptly dealt with by Western creditors because of the risk it posed to the stability of the Western banking system, equal attention was never given to the debt burden of the poorest African countries, whose debts were largely owed to multilateral financial institutions. Finally, the chapter examines the adequacy of the heavily indebted poor countries (HIPC) initiative, which was introduced in 1996 to address the problem of debt owed by low-income countries to the multilateral development banks.

Keywords:   Africa, Latin America, creditors, debts, multilateral financial institutions

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