Abstract

This article discusses the global debt problem from the debtor's perspective-in this case, from the perspective of Mexico's former Finance Minister. It explores its origins from the onset of the debt crisis in Mexico in 1982 and discusses the steps that have been taken to respond to the problem. The solution, however, demands shared responsibility and requires active joint participation by creditor countries as well as debtor countries. International economic cooperation-which entails a substantial change in the attitude of industrial countries-is crucial to avoiding a potentially explosive situation.