there have been some occassions when third world countries have used interest rate swaps and it ended poorly for them. i think the idea was to provide a risk free stream of cash to the third world country in exchange for the higher return and risky cash flow of the third world country.
it didn't end as well as anticipated. neither cash stream acted as was predicted and the third world country lost out. i can't remeber the details i read an article a couple of years ago. i will try to look it up.