Abstract

The article begins with an analysis of the current financial crisis, emphasiz-ing three basic components: loans taken out by large productive enterprises in the national and international credit market; short term loans taken by all the Third World countries as well as the majority of European countries in the Soviet sphere: and finally the fact that every country shows larger fiscal deficits of an increasingly endogenous nature. It also analyzes the responsibility of North american economic policy in the crisis. It questions the optimistic perspectives in relation to thc international credit market and points out the necessity for a coordinated financial solution which would give a new form to the assets and liabilities of the principal banks and large transnational enter-prises, as well as setting the stage for the renegotiation of the foreign debt in the case of the most vulnerable national economies.