This study attempts to examine the international debt crisis in the 1980s from a primarily political perspective, to permit a greater understanding of the interaction between economics and politics in the course of crisis management The process of dealing with the current international debt crisis provides an pat case for investigation of how economic concerns affect political outcomes, and how political factors influence economic outcomes, and how political factors influence economic policies. This study concentrates on the two regions of Latin America and Eastern Europe where the debt crisis started. The study emphasizes that the international debt crisis started. The study emphasizes that the international debt problem has been increasingly politicized in the contemporary international relations, and that its solution, in addition to the economic aspects, calls for political willingness by all parties concerned.