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Max Planck Encyclopedia of Public International Law [MPEPIL]

Debt Crisis

Christian Walter

From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 13 June 2024

Subject(s):
Debts

Published under the auspices of the Max Planck Institute for Comparative Public Law and International Law under the direction of Professor Anne Peters (2021–) and Professor Rüdiger Wolfrum (2004–2020). 

1 The term ‘financial crisis’ is applied in different settings and with different connotations. The common basic characteristic is a situation in which financial institutions or assets suddenly lose a large part of their value. The 1929 Wall Street Crash (‘Black Thursday’) and the ensuing Great Depression may be mentioned as the most widely known and most severe example of a financial crisis in the 20th century. 2 Different types of financial crises can be distinguished (IMF ‘World Economic Outlook, May 1998: Financial Crises: Causes and Indicators’ 74). According...
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