Word: debtors
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...unveiling a sweeping new approach to the crisis last week, Treasury Secretary Nicholas Brady all but repudiated Baker's program, which promised new loans for debtor countries once they instituted economic reforms. Instead, he called for measures that would help reduce Third World debt. "Our objective," said Brady, "is to rekindle the hope of the people and leaders of debtor nations that their sacrifices will lead to greater prosperity in the present and the prospect of a future unclouded by the burden of debt...
...break with past policy is dramatic. The Baker plan adamantly rejected the notion that debt reduction should be achieved by commercial banks writing off a significant portion of their loans. But the Administration is now encouraging U.S. commercial banks to reduce some of their Third World loans by allowing debtor countries to make smaller payments on their principal and interest obligations. Brady left many of the plan's details vague, and the initial response from bankers, Congress and Latin American finance ministers was guarded. The Mexican government called the plan a "first positive step" but cautioned that many details still...
...reaching changes that have swept the U.S. during the 1980s. Among them: the growing transformation of the world into a single, global marketplace in which the U.S. is just one player; the frightening decline of American competitiveness, which has helped turn the country into the world's biggest debtor; the runaway growth of U.S. service industries, which has made productivity and other important measures of the economy increasingly slippery to calculate...
...that score. His rhetoric on domestic matters encouraged Americans to celebrate instant gratification at the expense of the future, while his policies channeled national energies away from enterprises of common purpose. Reaganomics increased the national debt by 170% and converted the U.S. from a major creditor to a vulnerable debtor in the global financial market...
Perhaps the most unusual proposal to date comes from a Peruvian economist, who has suggested swapping debt for the creation of an antidrug fund. Under the scheme, debts held by overseas commercial banks would be handed over to the central bank of the debtor. The commercial banks would be able to write off the debt as a loss and donation for tax purposes, while the debtor country would put a percentage of the debt into a local currency deposit. The interest would be directed into an antidrug fund for financing crop substitution and other development projects in areas where cocaine...