“BEYOND GREECE, THE WORLD IS FILLED WITH DEBT CRISES” (July 11, 2015)

Thus The Guardian today. “Drama in Athens reflects a bigger truth: precarious countries across the globe owe trillions of dollars to lenders and investors who must be paid,” elaborates the newspaper. In addition to Greece, twenty-three countries are currently in government external debt crisis: Armenia, Belize, Costa Rica, Croatia, Cyprus, Dominican Republic, El Salvador, Gambia, Grenada, Ireland, Jamaica, Lebanon, Macedonia, Marshall Islands, Montenegro, Portugal, Spain, Sri Lanka, St. Vincent and the Grenadines, Tunisia, Ukraine, Sudan, and Zimbabwe. On top of that, fourteen countries are at high risk of government external debt crisis: Bhutan, Cape Verde, Dominica, Ethiopia, Ghana, Laos, Mauritania, Mongolia, Mozambique, Samoa, São Tomé e Principe, Senegal, Tanzania, and Uganda. Wow! In short, any solution for Greece will have to consider thirty-seven additional countries facing trouble with external debt. For better or worse, they can be found all over the world, including the European Union. In other words, tomorrow’s negotiations with Greece are not likely to go smoothly for the troubled country. Trillions of dollars are actually in question, and lenders and investors are hardly naïve when it comes to their interests.