UN General Assembly
1983

149. The developing countries, whose economies are from the outset dependent on the economies of the industrialized countries, painfully endure the consequences of economic stagnation spawned in the industrialized countries. As the weakest link in the world economic chain, the developing countries bear with difficulty a crisis which is not their fault. Forced to borrow on the international market to ensure their development, these countries are the first victims of increased interest rates. Loans which were made several years ago can now be doubled or tripled by the mere fact of the rise in the interest rate. This unprecedented debt is accompanied by the adverse effect of the rise in the dollar. Since foreign loans are pegged to the dollar a rise in that currency automatically entails a rise in the debt. A short time ago the rate of the dollar was still bearable, but today it has increased by more than 50 per cent. 150. Everybody seems completely indifferent to this tragedy. The development efforts undertaken by the poor countries have been wiped out at one stroke.