Third World debt | Wikipedia audio article
Channel: wikipedia tts
Date: 16/06/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Debt_of_developing_countries


00:01:15 1 Debt abolition
00:04:21 1.1 Consequences of debt abolition
00:05:01 2 Debt as a mechanism in economic crisis
00:10:07 2.1 The determinants of external debt crises in developing countries
00:11:02 3 Recent debt relief
00:15:17 3.1 List of Heavily Indebted Poor Countries
00:15:28 3.2 2004 Indian Ocean earthquake
00:17:04 3.3 G8 Summit 2005: aid to Africa and debt cancellation
00:19:48 3.3.1 Criticism of G8 debt exceptions
00:20:42 4 See also



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SUMMARY
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The debt of developing countries refers to the external debt incurred by governments of developing countries, generally in quantities beyond the governments' ability to repay. "Unpayable debt" is external debt with interest that exceeds what the country's politicians think they can collect from taxpayers, based on the nation's gross domestic product, thus preventing it from ever being repaid. The debt can result from many causes.
Some of the high levels of debt were amassed following the 1973 oil crisis. Increases in oil prices forced many poorer nations' governments to borrow heavily to purchase politically essential supplies. At the same time, OPEC funds deposited and "recycled" through western banks provided a ready source of funds for loans. While a portion of borrowed funds went towards infrastructure and economic development financed by central governments, a portion was lost to corruption and about one-fifth was spent on arms.