摘要：In 1982 tensions in the financing of external deficits threatened the very stability of the system. The occurrence of a generalised crisis was avoided, however, as the major countries, international institutions and commercial banks cooperated in providing liquidity support in order to cope with the difficulties of the leading sovereign debtors. The present article discusses the issues of foreign debt and the prospects of a global economic recovery. In this regard, the developments of international liquidity, exchange rates and trade policies are also of prime importance. The examination of these issues in order to assess their respective compatibility with the requirements for stability and growth indicates that there is an urgent need to improve international cooperation.
