Word: defaulters
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...letter dated Sept. 9, Trintomar asked for a formal proposal. The next day, Citibank sent a letter outlining the extra $96.5 million loan in several pages of eye-glazing detail. Trintomar officials, thinking the smaller loan was still on the table, kept negotiating. As Trintomar edged closer to default, the managing director of Citibank Trinidad, Suresh Maharaj, turned up the pressure. "I am sure that you will appreciate that we cannot hold open a commitment for this amount of $96.5 million indefinitely," he wrote on Dec. 1. "I have just visited my head office, and this matter was discussed...
Luiz In?cio Lula da Silva couldn't have picked a worse time to launch a presidential campaign. That was back in 1989, his first bid for Brazil's presidency, when he was still a radical, left-wing populist yammering for Brazil to default on its foreign debt even as Brazil - and the rest of Latin America - were embarking on a decade of free-market reforms and fiscal austerity. Lula still finished second in 1989, as he would in 1994 and '98; but nightmares of the region's "Lost Decade" of the 1980s - when Latin American socialism had produced inflation rates...
...Still, international investors are skittish about the possibility that a Lula victory may result in a default on the country's foreign debt obligations. The PT candidate had, in fact, called for such a default in his early years on the campaign trail in the late 1980s, but since then has, like many erstwhile socialists from the developing world, accepted the basic ground rules of the international financial system. Still, investor anxiety has sent Brazil's currency, the Real, into its sharpest decline since it was allowed to float freely against the dollar...
...many still try to portray him," writes Nahum Sirotsky, a veteran Brazilian journalist and former aide to Brazilian ambassadors in the United States and Israel. Which is a way of saying that the PT man understands the reality of international capital flows. Any domestic program that results in a default or an onerous restructuring of the debt will put him in an extremely difficult position to pursue the progressive policies on which he has campaigned...
...Night for Bush The Night's Winners and Losers Dems Squander Their Chances Why Jeb Bush Won Big