The Limits of Creditors' Rights: The Case of Third World Debt: JAMES W. CHILD

Social Philosophy and Policy 9 (1):114-140 (1992)

At present, Third World countries owe over one trillion dollars to the developed Western nations; much of the debt is held by the leading international commercial banks. The debt of six Latin American countries alone — Argentina, Brazil, Chile, Mexico, Peru, and Venezuela — is over $330 billion, of which $240 billion is owed to commercial banks. Let us immediately narrow our focus to loans made by the major international commercial banks to Third World governments. We shall not be concerned with government-to-government loans, or private-party-to-private-party loans, or with debt owed to the World Bank or the International Monetary Fund. The bank-to-government loans — the so-called “sovereign loans” — are the most economically troublesome and morally interesting. The largest lenders, at least with respect to the Latin American countries, are the American banks Citibank, Chase Manhattan, Bank of America, Manufacturers Hanover, and Chemical Bank. About fifteen Third World countries have serious debt problems, including the largest: Brazil, Mexico, and Argentina.
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DOI 10.1017/S0265052500003629
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References found in this work BETA

Anarchy, State, and Utopia.Robert Nozick - 1974 - Philosophy 52 (199):102-105.
The Morality of Freedom.Joseph Raz - 1986 - Philosophy 63 (243):119-122.
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A Non-Cosmopolitan Case for Sovereign Debt Relief.Julia Maskivker - 2010 - Journal of Global Ethics 6 (1):57-70.

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