Word: debtors
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...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, however, Bolivia stressed that it intends...
...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...
...questionable loans they have made to Latin America. Said he: "There are some real losses out there that nobody wants to take, and you are going to have to spread them out somehow among bank shareholders, the taxpayers of the creditor countries and the peoples of the debtor nations...
...next big test for a Latin debtor will come in June, when Argentina faces $1.6 billion in payments. Only a complex bailout by the U.S. and Argentina's neighbors kept the country from missing a deadline last March and forcing the banks to cut their earnings. Before more funds can be released, however, Argentina and the International Monetary Fund must reach agreement on what promises to be a painful austerity program for that country. Predicts an American banker in Buenos Aires: "It's going to be a very close race to get together with the IMF by June...
...report last week the IMF warned that the economic problems of the biggest debtor nations are likely to get worse during the next three years. A growing part of their earnings from exports will have to go toward interest payments instead of internal development. Last week also, the world's top money men met behind closed doors in Manhattan to discuss the rising debt crisis. Anthony M. Solomon, president of the New York Federal Reserve Bank and host of the session, has been warning that rising interest rates could push countries toward default. He has proposed that private banks...