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U.S. Treasury Secretary Warns Against 'Quick Fixes' to Foreign Debt Crisis

LADB Article ID: 77028
Category/Department: Region
Date: 1987-03-03
By: LADB Staff

On Feb. 26 in a testimony before the Senate Appropriations Committee, Treasury Secretary James Baker advised against "quick-fix gimmicks" to the Third World's foreign debt crisis in favor of "lasting solutions to underlying problems." Regarding "quick-fix" solutions to the debt problem, Baker mentioned "across-the-board debt forgiveness," which he said, would "ultimately damage both debtor nations and the global economy.

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