The global financial crisis
Abstract
The article begins with an analysis of the current financial crisis. emphasizing
three basic components: loans taken out by large productive enterprises in the national and
international credit market; short-term loans taken by all the Third World countries as well
as the majority of European countries in the Soviet sphere: and finally, the fact that every
country shows larger fiscal deficits of an increasingly endogenous nature. It also analyzes the
responsibility of North American economic policy in the crisis. It questions the optimistic
perspectives in relation to the international credit market and points out the necessity for a
coordinated financial solution which would give a new form to the assets and liabilities of
the principal banks and large transnational enterprises, as well as setting the stage for the renegotiation
of the foreign debt in the case. of the most vulnerable national economies.
JEL Classification: F34; F32; F36; H62.
Keywords: Credit market financial crisis fiscal deficit