Phil Eaton

60%
Flag icon
In the early Eighties, Ceauşescu decided to enhance his country’s international standing still further by paying down Romania’s huge foreign debts. The agencies of international capitalism—starting with the International Monetary Fund—were delighted and could not praise the Romanian dictator enough. Bucharest was granted a complete rescheduling of its external debt. To pay off his Western creditors, Ceauşescu applied unrelenting and unprecedented pressure upon domestic consumption. In contrast to Communist rulers elsewhere, unrestrainedly borrowing abroad to bribe their subjects with ...more
This highlight has been truncated due to consecutive passage length restrictions.
Postwar: A History of Europe Since 1945
Rate this book
Clear rating