This study traces the evolution of the international debt crisis from its beginnings in the early 1970s to the present. The author explores the economic forces within developing countries and the external conditions which led to the build-up of serious debt, focuses attention on the changing roles of multilateral lending agencies such as the JMF and the World Bank, and examines the role played by U.S., European, and Japanese commercial banks. Finally, O'Cleireacain details the changing attitude of the U.S. from the early approaches of the Reagan administration through the Brady Plan initiatives of the Bush administration.
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