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“The biggest debts are run up by corrupt dictators and then inherited by their democratic successors” (Alan Shipman, lecturer in Social and Political Sciences at Cambridge University) and thus this lead to enormous debts with every increasing rates owed by countries that essentially had nothing to do with the money received. The worst part of the loans is explained in “The Human Face of Economics” by Scholl & Arrizabalaga: “The IMF requires the government to privatize state owned enterprises, devalue the local currency in order to enhance competitiveness for export and of course adopt ‘free trade’...
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