Word: defaulters
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Peru's gambit comes at a time when talk of default is in the air. As García took office, 1,200 delegates from Latin America and the Caribbean gathered in Havana for a debt conference, and Fidel Castro urged his guests to repudiate their obligations. Bankers remain confident, however, that the Latin American countries will not default. Such a drastic strategy would cut them off from international credit, which for some is the only means of paying for vital imports like food and fuel...
...learned not to default on choice. Looking back on the landscape of my past, I can smile at the sometimes-senseless rationale that stalled me in my tracks. I’ve chosen torturous paths and had to retrace my steps, but never have I fully frozen. I am now warming to the idea that choice is a privilege. It may be a rocky road, but I’m ready...
...banks have not declared these countries to be in default because the lenders hope that payments will eventually resume. "A default becomes a real mess," says one New York banker. Since the debts of Bolivia, Nicaragua and Peru are relatively small and spread out among many lenders, the banks' losses on these loans have been easily offset by healthy profits in other lines of business. Bank earnings will suffer, however, if either Brazil or Argentina falls more than a few months behind in its payments...
With the whole of the potent first line departing, this line becomes the top line by default and with that transition comes a much increased share of the offensive burden...
...consumes too little. If the U.S. had not gone on a relative consumption binge from 1998 to today, wherein consumption went from 67% to 71% of GDP, we would have suffered not a multiyear bear market but a global deflationary depression precipitated by the Asian collapse, the Russian debt default and the failure of Long Term Capital Management...