Global financial meltdown and Caricom’s public indebtedness
Guyana and the Wider World
Global financial meltdown
My efforts to draw readers’ attention to the fact that the Third World Debt Crisis, which started 30 years ago in Mexico (and as I noted Guyana also) is alive and well today is by no means intended to diminish the magnitude of today’s sovereign debt problems, which now centre on the First World economies. In my opinion, it is entirely justifiable today that this crisis should dominate both global media attention and international institutional responses. This state of affairs is attributable to the sheer size and importance of the affected First World economies, namely, Europe, Japan and the USA. In truth, the threats posed by their current debt crises are so severe that they strike at the very heart of the solvency, liquidity, and indeed survivability of the global financial system and economy.