... industrialised countries that following a Brady-type restructuring accord with Argentina in April 1992and with Brazil in July 1992, the banking industry could close its books on less developed country debt (Todaro 2003, p1617). The second strain of debt problem has affected mainly the poorest nations of the world and has ... in very favorable terms to these heavily indebted countries were misused by corrupt governments who engaged themselves in capital flight, weapons buying and bad projects that failed to generate the required amount of profits necessary to service their loans. Given th...

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• Grade Level: Graduate