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This book offers a novel account of the significant debt crisis
which hit many developing countries during the 1980s. It starts
with the flawed cycle of bank lending during the 1970s, and then
moves from the opening act, in Mexico in 1982, until a solution was
found with the 1989 Brady Initiative. The Debt Crisis of the 1980s
also articulates closely the economic and financial dimensions
alongside the political and multilateral ones. The key relation
between debtor countries and the IMF is explored in detail, but the
book also documents the tense and often coercive interactions with
commercial banks as well as on the continuing resistance to the
IMF-led strategy among G7 governments. How debt contracts were
restructured during all those years helps understanding how the
Brady Initiative worked in practice, and how it prepared the ground
for the turn to global markets after 1990. This debt crisis was
indeed one of the main incubators of globalisation. This underlines
further its unique character in the long-run history of sovereign
debts, before and after the 1980s. Remarkably, this book rests on
in-depth interviews with the key players. Transcripts are included
for the six most important players, including the former heads of
the US Federal Reserve and the IMF. Archives from the IMF, the New
York Federal Reserve, the Bank of England and commercial banks have
also been systematically exploited, often for the first time ever.
 This narrative and analytical account of one of the biggest
debt crises in history is addressed to students and researchers in
economics, international history, political economy and socio-legal
studies. It will additionally be of value for professional
economists and lawyers working on sovereign debts.
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