Word: foreign-debt
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...price of oil, its most valuable export, left the nation unable to pay its bills. For years afterward Mexico was a dirty word to foreign investors, who left it to starve for development capital. Rebuilding credibility required a long stretch of austerity and the sale of inefficient state operations like banks and telephone companies, measures begun by President Miguel de la Madrid and continued by his successor, Carlos Salinas de Gortari. Salinas got foreign-debt payments down to a fraction of the annual budget and performed the ultimate miracle of lowering Mexico's inflation rate from 157% to less than...
...after the Gulf War, counting on an OPEC price hike that did not materialize. The oil industry has not regained its prewar export capacity, and its $16 billion a year in earnings helps prop up other failing state enterprises. The country is already $5 billion in arrears in its foreign-debt repayments, and is expected to be about $10 billion behind a year from...
...return for their depositing $200 million of Peruvian funds in secret B.C.C.I. accounts in Panama. Officials denied the allegations, which were part of the Manhattan indictment against B.C.C.I. But they said they had deposited money with B.C.C.I. because threats by former President Alan Garcia Perez to reduce Peru's foreign-debt payments had scared off other banks. At the same time, a Peruvian representative to the World Bank who once worked for B.C.C.I. quit his post...
...Brazilians, such pressure amounts to unjustified foreign meddling and a blatant effort by the industrial nations to preserve their economic supremacy at the expense of the developing world. Brazilian President Jose Sarney has denounced the criticism of his country as "unjust, defamatory, cruel and indecent." How can Brazil be expected to control its economic development, he asks, when it is staggering under a $111 billion foreign-debt load? By what right does the U.S., which spews out more pollutants than any other nation, lecture poor countries like Brazil on their responsibilities to mankind...
With so much at stake, Washington wasted no time in showing its support. On the same day that a Warsaw court officially legalized Solidarity, George Bush announced a plan to ease Poland's $39 billion foreign-debt burden, stimulate investment and improve its weak economy. "The Poles are now taking steps that deserve our active support," said the President, adding that the package was "carefully chosen to recognize the reforms under way and to encourage reforms yet to come now that Solidarnosc is legal...