Word: colombia
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Dates: during 1980-1989
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When ministers from eleven debt-ridden Latin American nations met last June in Cartagena, Colombia, they called on bankers to lower interest rates and relax repayment terms on the region's $350 billion in foreign borrowing. Last week a committee of 13 large lenders agreed to grant such key concessions to Mexico. In a major breakthrough in the relations between bankers and their Latin borrowers, the creditors' group decided to allow Mexico to retire nearly half of its $95 billion in debt over 14 years instead of the originally scheduled six. The committee, led by Citibank Senior Vice...
...race: run interference for Davis Phinney, 25, Carpenter's husband and the U.S.'s best hope in the event. The Americans traded the lead with Norway's Dag Otto Lauritzen and Morten Saether, Colombia's Nestor Mora and Canada's powerhouse, Steve Bauer. With ten miles left, Grewal pumped off on a premature breakaway. He gained 24 sec., but Bauer was soon riding in his slips stream. In the last 200 meters, the fatigued American downgeared slightly and blasted up the final grade, rising on his pedals and throwing up his arms as he crossed...
...debt bomb's explosion will not become reality. There is still time to save several developing countries from chaos and several international banks from insolvency. The recent increase in the U.S. prime rate makes this more urgent. Diego Pizano Economic Adviser to the President Bogotá, Colombia...
When ministers from eleven debtor countries met last week in Cartagena, Colombia, to devise a strategy for getting concessions from the banks, most of them maintained a conciliatory tone and rejected the idea of a cartel. Said Chilean Economy Minister Modesto Collados: "Each country is different. To negotiate in a club makes no sense at all." But the depth of Latin restiveness could hardly be concealed. In his opening speech, President Betancur compared Latin America's financial burden to the crushing debt and reparations problems after World War I, which helped wreck the international economy in the 1930s...
Finance and foreign ministers from several Latin countries, including Mexico, Argentina and Brazil, are planning to get together 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...