Commentary

Reading through the story of development, one gets the impression that Africa’s prospects of catching up with the developed world are becoming grimmer by the day. It is however true that we can only reverse our underdevelopment by embracing science and technology.

The first de facto default of a country classified as “developed” has now taken place, with private international creditors “voluntarily” accepting a “haircut” of more than 50% on their claims on the Greek government. As a result, Greece now owes very little to private foreign creditors.