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African Debt: At Some Point, the Hole Becomes Just Too Big to Fill

Yasuyoshi CHIBA / AFP

The rapidly deteriorating financial crisis in Lebanon provides a grim preview to other developing countries of what happens when the bottom falls out of an economy. After the government defaulted on its debt last spring, conditions spiraled downwards to the point where month after month of triple-digit inflation is devouring what’s left of peoples’ savings.

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