Word: garcias
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STAFF WRITERS: Guy Garcia, Christine Gorman, Emily Mitchell, Alex Prud'homme WRITER-REPORTERS: Naushad S. Mehta, Alain L. Sanders...
STAFF WRITERS: Guy Garcia, Christine Gorman, Emily Mitchell...
STAFF WRITERS: Guy Garcia, Christine Gorman, Emily Mitchell...
Facing possible seizure of Peruvian assets overseas by Western creditor banks, Garcia turned to B.C.C.I. for help in protecting his national funds. So successfully was B.C.C.I. able to hide the money in offshore accounts that Garcia rewarded it with hefty central bank deposits...
Peru provides another intriguing example of how B.C.C.I. came to wield unusual power over sovereign finances. When Alan Garcia Perez was elected President of Peru in 1985, he inherited a nation in economic chaos, owing $14 billion to foreign banks and governments. The 36-year-old President stunned the international financial world by announcing that he would no longer deal with the IMF. Peru would henceforth repay its debt on its own schedule...