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First as tragedy, now as farce: lessons from 12 August 1982

Mark Perera

12 Aug 2017 08:47:36

As the saying goes, history repeats itself because no one was listening the first time. This month marks the 35th anniversary of an event that sparked a debt crisis across the developing world. It was a crisis triggered by low interest rates in the Global North, a reckless boom in lending and borrowing to Southern countries over-reliant on commodity exports, and a fall in the price of those same commodities. Sound familiar? The parallels with today’s developing world debt crisis are stark, and looking back at how the 1980s crisis arose and how it was dealt with, there are worrying signs that very little has been learned despite repeated calls by Eurodad and other civil society organisations for a comprehensive, UN-backed debt workout mechanism. A crisis begins On 12 August 1982, Mexican ...