Is Excessive Sovereign Debt a Threat to Peace?

Some 30 years ago, the international banks were afloat with petrodollars, deposited by the oil exporting countries. The banks in turn stepped up lending to Latin America, in a big way. The new branch of Société Générale in New York where I was working at the time followed suit rapidly building up its portfolio, as the bank needed to make loans to get its branch off the ground.