The South Has Already Repaid its External Debt to the North

Paulo Nakatani () and Rémy Herrera
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Paulo Nakatani: UFES - Université Fédérale de Espirito Santo

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Abstract: The South has already repaid its external debt to the North. Since the onset of the global debt crisis, precipitated in 1979 by a sharp increase in the Federal Reserve's interest rates by Paul Volcker, the developing/ emerging market economies as a whole have paid in current dollars a cumulative $7.673 trillion in external debt service.1 However, during the same period their debt has increased from $618 billion in 1980 to $3.150 trillion in 2006, according to figures published by the International Monetary Fund (IMF). The external debt of this group of countries, comprising 145 member states, will continue to grow throughout 2007, according to the IMF, to more than $3.350 trillion. The debt of the Asian developing countries alone could rise to $955 billion. Although they have already repaid, in interest and capital, far more than the original amount due in 1980, these countries are now carrying a burden of debt much larger than they faced at the beginning of the period.

Keywords: external debt; South; development (search for similar items in EconPapers)
Date: 2007-06
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Published in Monthly Review (New York, N.Y.), 2007, 59 (2), pp.38-43

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