Tham khảo tài liệu 'money and power great predators in the political economy of development_3', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | MONEY AND POWER associated rises in oil and basic commodity prices set off inflationary pressures and caused a global recession of a magnitude not seen since the Great Depression of the 1930s. The poorest countries while not able to join in the feasts of liquidity in the good times are structurally positioned to pay the burden of inflation and rising food prices when a downturn emerges. Because of their low quality of life indicators which we explore further in chapter 6 and the sheer impossibility of debt repayment from 1997 the poverty reduction initiatives from the IFIs have promised that more bad and odious debt be written down or removed from the books. However progress has been slow with reluctance on the part of bankers to admit that liquidity problems might be a symptom of insolvency more broadly. Wall Street continues to oppose initiatives such as Krueger s Sovereign Debt Repayment Mechanism of 2001 which would constitute a more structural resolution of severe indebtedness preferring instead the profitable business of debt work-outs . The US Treasury meanwhile prefers collective action clauses . Needless to say there continue to be geopolitical write-downs post-2000 such as in Turkey since 1999 Brazil 2002 and Iraq 2004 . The significant write-off of Nigerian national debt by the British in 2005-06 and 2006-07 also seems reactive but could be a coincidence . As China enters the ring as a major competitor the UK as market leader significantly cheapens the cost of liquidity The global figures for debt reduction are less than breathtaking. In policy terms HIPC I 1998 and HIPC II 1999 were formulated as the current international framework for debt management and ostensibly focus on sustainability with first 250 per cent then 150 per cent of debt-export ratio triggering the right to action the scheme which has a decision point and then another period to completion point. Controversially for some a PRSP is required to qualify at the former point . By autumn 2004
