Britain: Debtor Nation

Archive Report

Aspects of the Economic Crisis

Coming Economic Conference in London

The international “economic summit” conference that will be held in London on May 7–8 is vitally important to Britain, the world's foremost debtor nation. With more than $20-billion in debts to foreign creditors, Britain appears to have staved off immediate financial disaster by staging a kind of “economic Dunkirk” this past winter. But critical problems continue to plague the British economy—widespread unemployment, a high rate of inflation, a balance-of-payments deficit—and Britain must depend on the other industrial nations of the West to carry it through the current crisis.

Other nations have come to Britain's aid in fear of the untold consequences of letting a major industrial country “go under.” Although many scenarios have been presented about the ...

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