International debt relief: the issues

Article Abstract:

The Group of 8 has proposed debt relief in the Cologne agreement of 1999. Developing economies increased their debts in the late 1970s, but rising interest rates increased borrowing costs and crises arose. Heavily Indebted Poor Countries (HIPCs) are the targets of debt relief programs. Some 41 countries need special assistance, according to a 1996 report. These countries have low life expectancy rates and many people lack basic amenities such as clean water. Divisions between rich and poor countries have widened, and it is argued that rich countries are damaged by this inequality as well as poor countries.

Public & Private Debt, History, Developing countries, International relations, Industrialized countries, External debt relief, Debt relief, External debts

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Fifty years of GATT

Article Abstract:

The General Agreement on Tariffs and Trade (GATT), known as the World Trade Organisation (WTO) since Jan 1995, celebrated its 50th anniversary in May 1998. GATT proved very successful, with average tariff levels being cut from 40% to 4% in the period 1950 to 1996, while the volume of world merchandise trade rose by 1,500%. WTO has differed from GATT in a number of ways. It has much more extensive powers than GATT to arbitrate trade conflicts, and is able to impose sanctions on member countries that do not comply with the rulings of its dispute panels.

Laws, regulations and rules, International trade, World Trade Organization, Powers and duties, International trade regulation

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The Mexican debt crisis

Article Abstract:

Mexico suffered a financial crisis in late 1994 and early 1995. Reasons for the crisis included political instability, a rise in consumption, an over-valued Mexican peso, and a current account deficit. There was concern that the Mexican crisis could have an impact on financial markets world wide. The impact has been a move toward more secure investments which has helped push up the value of the German mark. The crisis is also likely to have an effect on the US, for example through a rise in illegal immigration from Mexico.

Economic policy, Mexico, Financial markets

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