21. Behind the rally was the perception that South Korea was working its way out of a massive debt crisis with help from multilateral lending agencies. 22. Both steps are crucial in ultimately resolving the debt crisis. 23. But in August, a debt crisis in Russia set off a worldwide scramble for the safety of U.S. Treasury securities, distorting interest-rate patterns. 24. But now many experts fear the debt crisis is spreading beyond investment trusts. 25. But skepticism prevails among those for whom debt crises matter in a material sense, not just a theoretical one. 26. But the debt crisis brought on by costly borrowing and the collapse of world copper prices ultimately thwarted those projects. 27. But the currency peg gave the government a false sense of security and its spending mushroomed out of the control, producing the current debt crisis. 28. But Treasury Secretary Robert Rubin managed to put off any debt crisis through the end of the year. 29. By Friday, the price of Samsung shares had fallen to almost one-quarter of their value last year, before the debt crisis engulfed the company. 30. By liquidating hopeless banks, merging others and allowing foreign banks to take over local ones, Latin America was able to climb out of its debt crisis. |