Word: argentinas
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Dates: during 1980-1989
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During their deliberations, the summit leaders were forced to give close attention to the international debt issue. All seven heads of government had received a letter from seven major debtor countries (Argentina, Venezuela, Peru, Colombia, Ecuador, Mexico and Brazil) expressing "anxiety," in the words of a British official, and the hope that the debt discussion be given "the right priority." The summit finally came up with a plan that a senior U.S. official said would "reward" debtors who are making "successful efforts to improve their position." The plan includes the notion of extending and improving the terms of debt repayment...
While the Andean country's borrowings are dwarfed by those of such neighbors as Brazil ($96 billion) and Argentina ($43.6 billion), the Bolivian action nonetheless shook moneymen. Phone calls from anxious foreigners flooded embassies, newspapers and government agencies in the capital city of La Paz. On Wall Street, prices slid further on a bond market still edgy over last month's near collapse of Chicago's Continental Illinois...
Last week's announcement from La Paz was part of a flurry of Latin American debt developments. In another key action, the U.S. agreed to extend a $300 million loan commitment to Argentina until mid-June. The credit will go into effect once Argentina reaches agreement on an economic austerity program with the IMF. Argentina will use the U.S. cash to repay loans from four other Latin countries that enabled it to meet March 30 interest payments to its banks...
Alfonsín has yet to produce his long-promised strategy for curbing inflation or for negotiating with the International Monetary Fund a restructuring of the country's foreign loan obligations (although last week Argentina, Brazil, Colombia and Mexico were reported to be discussing in general terms various proposals for repaying their debts after a grace period that has yet to be determined). Instead, his administration seemed at first to neglect economic concerns in order to concentrate on human rights and labor issues. One of Alfonsín's first official acts was to sign decrees accusing...
Speculation about a possible Latin American debtors' cartel that would try to dictate new loan terms to bankers has added to the jitters. In a joint statement last week, the Presidents of Brazil, Mexico, Argentina and Colombia complained that the interest rates they are being charged have reached intolerable levels. Said the four: "We do not accept seeing ourselves forced into a situation of insolvency and continuous economic crisis." While some American bankers insist that the formation of a cartel is unlikely, other moneymen remain fearful...