Word: argentina
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While Brazil and Argentina struggle, the two other largest debtors, Mexico and Venezuela, are continuing to make strides toward easing their credit crunches. Venezuela, which has a 16.9% inflation rate that is modest by Latin American standards, has reached a tentative accord with its banks to stretch out payments on $20.8 billion of its $35 billion debt over 12½ years. Bankers have agreed to give Mexico until 1999 to finish making payments on $28.6 billion of its $96 billion debt. Mexico gained the confidence of the bankers by reducing its inflation rate from 100% in 1982 to 59% last year...
...says one New York banker. Since the debts of Bolivia, Nicaragua and Peru are relatively small and spread out among many lenders, the banks' losses on these loans have been easily offset by healthy profits in other lines of business. Bank earnings will suffer, however, if either Brazil or Argentina falls more than a few months behind in its payments...
...ARGENTINA Meaty Matters with Britain...
Before its 1982 war with Britain over the Falkland Islands, Argentina shipped corned beef, lumber and other goods worth more than $133 million annually to the United Kingdom. But since the war, a British embargo on Argentine imports has outlawed trade between the nations. Last week, as he embarked on a three-day visit to Brazil, Foreign Secretary Sir Geoffrey Howe told the House of Commons that Britain had decided unilaterally to lift the trade embargo. Howe, whose announcement coincided with the anniversary of last year's unsuccessful efforts to renew relations with Argentina, urged the government of President Raśl...
Howe's announcement drew immediate applause from Argentina's meat-packers, who have lost their lucrative British markets to Brazil. But Argentine Foreign Minister Dante Caputo responded that trade talks could begin in 60 days only if the agenda also includes his country's claim to Las Malvinas, as Argentina calls the Falklands. In London, a Foreign Office spokesman called Caputo's reaction "disappointing," adding, "Our position has been set out many times. There is no possibility of our negotiating or discussing sovereignty...