Word: argentinas
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Dates: during 1980-1989
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...debt of $80 billion; soon thereafter Brazil declared that it was unable to meet payments on its $87 billion borrowings. Last week Brazil told its foreign creditors that it would not make $446 million in payments on principal due in January, but denied that this amounted to a moratorium. Argentina, too, was in the headlines: about five months behind in interest payments on its debt of more than $40 billion, it encountered a delay in securing a crucial $1.1 billion bailout loan from international banks...
Their loans to developing nations and the East bloc now amount to about $130 billion, including $68 billion to Latin American and Caribbean countries. At midyear $52 billion had been loaned to Mexico, Argentina and Brazil alone...
...compared with shareholders' equity, which, coupled with loan-loss reserves, can be thought of as what a bank would have left if it paid off its depositors and creditors. New York's Chemical Bank, for example, has $1.4 billion on loan in Mexico and $370 million to Argentina, a sum amounting to 92% of its shareholders' equity. Chase Manhattan has loans totaling $2.5 billion to the two countries, 77% of stockholders' equity, and New York's Citicorp, which refuses to confirm the exact figures, has a reported $4 billion, or 85%. On top of that...
...help cautious investors, the U.S. Securities and Exchange Commission has asked the banks to disclose publicly their potential foreign loan problems. As a result, in their third-quarter reports to the commission, the banks with large loans to Mexico and Argentina were, in effect, forced to reveal their total exposure for the first time. But the disclosures are still incomplete because the SEC did not ask the banks to tell what portion of their loans is to private borrowers as opposed to governments...
...Thatcher never wavered. "Failure?" she once asked derisively. "The possibilities do not exist." Seventy-four days later, the white flags of surrender were fluttering over the Falklands and victory belonged to Her Majesty's forces. Never mind that 255 British lives had been lost (750 to 1,000 for Argentina) or that six British navy ships and a merchant vessel had been destroyed. The triumph upheld both pride and principle, and with it came the so-called "Falklands factor" that lifted British spirits as well as Mrs. Thatcher's standing in public opinion surveys. For the first time...