UN General Assembly
1988

Developing countries also export something else, namely, capital, in the form of debt-servicing. That phenomenon has now appreciably widened the gap between have and have-not nations and created extremely dangerous social conditions in many debtor nations. It is almost incomprehensible that there is not a greater appreciation of the potential danger among the foremost decision-makers in the creditor States and financial institutions. It is also ironic that, while some were encouraged to borrow excessively, others found it almost impossible to borrow at all. The manner in which some countries were encouraged to burden themselves with excessive debt is somewhat similar to the manner in which individuals were encouraged to acquire other well-known addictions. The habit is proving to be just as difficult to break, and the social consequences just as severe. We offer those observations without bitterness, rancour or recrimination. We do not know of any easy solutions. However, we believe that we cannot adequately face the future without an understanding of the past. We cannot work together in finding answers until we know what questions we want answered.