The problem is easy to state: developing countries borrow too much-or are lent too much-and in ways that force them to bear most or all of the risk of subsequent increases in interest rates, fluctuations in the exchange rate, or decreases in income. Given this, it is not surprising that they often cannot repay what is owed. (Joseph Stiglitz)

The problem is easy to state: developing countries borrow too much-or are lent too much-and in ways that force them to bear most or all of the risk of subsequent increases in interest rates, fluctuations in the exchange rate, or decreases in income. Given this, it is not surprising that they often cannot repay what is owed.

Joseph Stiglitz

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