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Why Not Default?$
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Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

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Shaking Off the Burden

Shaking Off the Burden

(p.298) Conclusion Shaking Off the Burden
Why Not Default?

Jerome Roos

Princeton University Press

This concluding chapter summarizes key themes and presents some final thoughts. The three in-depth case studies of Mexico, Argentina, and Greece showed how the newfound insistence on full and uninterrupted debt service has had far-reaching social implications, leading to a very skewed distribution of adjustment costs between private financiers in the advanced capitalist countries and working people inside the peripheral borrowing countries. The crises in these countries also signaled the start of a new era in international lending; a phase marked by the growing capacity of international creditors to shape the outcomes of major financial disturbances to their own advantage. This has, in turn, greatly undermined the quality of democracy in the debtor states, leading to more intrusive forms of creditor control and greater disregard for established democratic procedures.

Keywords:   financial crisis, debt crisis, Mexico, Argentina, Greece, debt service, international creditors, democracy

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