Word: cartelized
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...next week in Cartagena, Colombia, to discuss their debt problems. But Citibank Chairman Walter Wriston dismissed fears that the Latin nations would join forces to withhold payments. Said he: "They would be cutting off their source of funds. They would be cutting their own throats by setting up a cartel...
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...
...that any refusal to repay past borrowings would mean the certain cutoff of future loans. In Washington, William Cline, senior fellow at the Institute for International Economics, said, "No major debtor wants to jeopardize its long-run credit reputation further by joining anything that has the appearance of a cartel for debt moratorium or repudiation purposes...
Although some observers thought that the Caracas delegates might try to form a "debtors cartel" that would renounce foreign financial obligations, the representatives stopped short of that move. "The idea of a debtor cartel was definitely put aside at this conference," said Mailson Nóbrega, secretary-general of Brazil's Finance Ministry, as the meeting came to a close at week...
MITI has had more success with dampening competition in declining industries. In many cases, the government has been willing to bend its antitrust laws to permit cooperation among companies. When the shipbuilding business started to sag in the 1970s, MITI allowed the firms to form a cartel that would share orders. In that way, the decline was evenly distributed. The strategy gave the companies time to diversify, while gradually reducing their production. MITI is now encouraging the formation of similar cartels in the paper, petrochemical and aluminum industries...