Debt- It is a word that the average American fears today. Especially with jobs being outsourced overseas, jobs going out of business, and credit crisis in tow. People here are worried about what they will do to elevate all the debt they have without having to go into bankruptcy. But what happens when that debt is on a higher scale? — When it affects a whole nation instead of just one person or one industry? A lending institution surely is not allowed to foreclose upon a state. Therefore, the problem becomes a logistical one. What is to be done with a nation or a set of nations that cannot repay debt? In an attempt to make this subject more manageable, let us specifically examine one region of the world in which debt is ramped.
The continent of Africa is rich in natural resources, customs, and people. However, it has a serious problem. Africa is in debt. At last check, 34 out of the 41 countries listed on the World Banks list of heavily indebted poor countries (HPIC) were located in Africa[i].