Financial euphoria, corruption and economic collapse

with DR RICHARD BERNAL

ONE of the common misconceptions which have been comprehensively dismissed by the recent global financial crisis is that developed countries manage their fiscal policy more scrupulously and more responsibly and hence are less prone to debt crises than developing countries.

Several developed countries in Europe have experienced debt crises, the origins of which were internal and were not due to external shocks. Poor economic management made these economies more vulnerable to the fallout emanating from the recession in the world economy. Three recent and still evolving cases, namely, Iceland, Ireland, Portugal and Greece have been the subject matter of books.

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