It is two years since higher interest rates in the rich world began to put even more pressure on cash-strapped governments.In reality, the crisis rolls on. The governments that went bust still have not managed to restructure their debts and dig out of default. As such, they are stuck in limbo. The core of the difficulty in resolving debt crises has been that there are more creditors, with less in common, than in the past. Over 70 years of debt restructurings, Western countries and banks came to do things a certain way. Is the IMF and world bank worsening the debt crisis in poor countries ?

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