Introduction

The international debt problem has proved to be one of most intractable of the world’s current economic problems. The extent of the problem had become evident by 1982/83 when some of the most highly indebted countries began having difficulties in servicing their loans1), and the danger of both a complete breakdown in the international debtor/- creditor structure and an imminent world wide financial and economic crisis appeared acute. 2) The payments commitments of the non-oil-developing countries were mainly responsible for this situation. These growing commitments were the result of two factors, on the one hand a large increase in these countries1 external debt, especially at the end of the seventies and the beginning of the eighties, and, on the other, an even more dramatic increase in the burden of interest rates.3) Although the BIS, Central banks and the IMF have, until now, succeeded in their efforts to stabilize the situation, it is certainly not possible to claim that a final solution to the debt problem has been found.