Robin Broad, “How About A Real Solution to Third World Debt?” The New York Times, September 28, 1987.

 

This was written the day before the annual meeting of the World Bank and the International Monetary Fund.  The 3000 members of the world’s financial managers are also likely to avoid the problem of third world debt. 

Two years ago, the Baker Plan was introduced as a solution to third world debt, yet it had little to no effect.  Actually, it was just a good speech, with no real substantial solutions.  It planned on new lending from private banks and the World Bank, yet these banks were never even consulted, and actually banks were not interested in lending new funds.  All this is a result of shortsightedness, which should be changed in order to truly change things.  In short, “The IMF and World Bank should do better than muddling through.”

 

Summary by:

Liz Garmatz