In order to fully appreciate the concept of accountability we must first understand the general conditions under which third world debt became problematic. Many development economists view the substantial increase in oil prices in 1974, which saw the price of oil increase from $2.70 in 1973 to a daunting $10.00 per barrel, as a major root cause.(1) This price increase immediately elevated the surplus on the current accounts of oil producing countries from $7 billion in 1973 to $68 billion in 1974. These large surpluses created the situation cogently documented by Stambuli (1998) that prompted oil-exporting countries who had more foreign exchange than they needed to invest in western banks. In a bid to offload the subsequent liquidity these banks then sought to recycle the surplus of 'petro-dollars' with developing countries that had experienced deteriorating current accounts. In Jamaica for example Brown (1986) reports that between 1976-1980 the deficit totaled $733 million. This process of recycling was inherently aggressive since as Kenneth Hall notes in the text 'The Caribbean Community Beyond Survival' the real interest rate during the 1970's was actually negative, which implies that borrowers were actually being compensated for taking loans. Developing countries then entered into what has been described as 'an orgy of borrowing' (Hall, 2001 ppxxxiii) that left them severely exposed in 1979 when a second oil price increase occurred. The latter brought the debt service capacities of developing countries to the forefront as countries faced increasing interest rates and shorter maturities on loans that were needed to amortize previous obligations. It is in this general environment that the crisis culminated with Mexico's poignant declaration that it could no longer honor its debt requirements in August of 1982.