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Debt Bomb Threat Looms Over Banks and Debtors
An analysis warns that South American and other developing nations owe about 800 billion dollars to U.S. banks and the IMF. Defaults could trigger a banking crisis, with the Fed facing choices between collapse or inflation. Lever argues for debt writeoffs over a decade to save the financial system, a move unlikely before the election.
MENTIONED IN THIS ARTICLE
South
United States
International Monetary Fund
Time Magazine
IMF
U.S
Federal Reserve Board
OPEC
Lord Lever
New York Review of Books
Lever