Word: bolivia
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Dates: during 1980-1989
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...BOLIVIA...
Mixing sports and politics is fashionable, but in Bolivia the combination tends to be downright confusing. Four years ago, Bolivia did not send a team to the 1980 Summer Olympics. Though officials blamed a strapped economy, some accused the government of joining the U.S. boycott of the Moscow Games...
...bankers have been concerned that a Latin American nation would default on its loans. Pedro-Pablo Kuczynski, president of First Boston International and former Minister of Energy and Mines in Peru, has warned, "One of the smaller Latin American countries defaulting could set off a chain reaction." Last week Bolivia, though a mere mouse of a debtor by international standards, looked as if it could be the mouse that roared. The economically ailing country said that it will temporarily suspend repayment of its $3.4 billion in foreign loans, including some $680 million owed to Western banks. In announcing that move...
...Bolivia, the government move drew an angry response from former Finance Minister Flavio Machicado, who two weeks ago quit the Cabinet of President Hernan Siles Zuazo. Machicado charged that the President had caved in to pressure from the powerful Bolivian Cen tral Labor Union, which led an April gen eral strike to protest belt-tightening mea sures demanded by the International Monetary Fund. Said Machicado: "This renegotiation idea is absurd...
Although bankers claimed to be unruffled by Bolivia's action, some experts believed that it could signal the start of new problems for lenders. Said George Soros, president of Soros Fund Management and a specialist on Latin debt: "The tables are beginning to turn. So far, the banks have had the upper hand in negotiations with the borrowers. But after the loss in confidence triggered by the rescue of Continental Illinois, the debtor countries are in a much better position to get the concessions they demand...