Word: grinspun
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Dates: during 1980-1989
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...dictate that banks would have to classify Argentine loans as "nonperforming" and deduct missing interest payments from profits. Banks faced losing as much as 40% of their first-quarter earnings. But the Argentines balked at paying unless they received easier terms on their $46 billion debt load. Said Bernardo Grinspun, Argentina's Economy Minister: "The problems of the creditor banks are not the problems of this government...
...week began, the players in the debt poker game came together, appropriately enough, at the Hotel Casino San Rafael, the site of a meeting of the Inter-American Development Bank in the seaside resort of Punta del Este, Uruguay. Grinspun headed the Argentine delegation, while William Rhodes, representing Citicorp, led an eleven-member team of bankers. One banker joked that Punta del Este would witness its most explosive confrontation since three British cruisers challenged the German pocket battleship Admiral Graf Spee off the shores of the resort in December...
...bankers argued that Argentina could pay at least part of its interest with some $400 million or more that the country has on hand from the sales of such exports as meat and grain. But Grinspun said the money was needed to pay for imports. He asked for new loans and suggested that Argentina be given 15 years to pay off its debt, nearly half of which comes due this year. "I must declare very clearly to you," the Minister warned, "that Argentina cannot continue to devote two-thirds of its export earnings and 8% of its national production...
Alfonsin resents being asked to pay a debt that piled up primarily during nearly eight years of despotic military rule. His defiant stance is immensely popular with the Argentine public. Buenos Aires newspapers last week were sporting such headlines as ENOUGH OF YANKEE MONEYLENDERS and GRINSPUN FACED UP TO THE BANKS. The debt negotiations were the talk of the town. Cab drivers asked their passengers, "What do you think the banks will...
...retreated to a ranch at an undisclosed location to plan his agenda. The most immediate problem is the country's growing debt. Alfonsin inherits an agreement with the International Monetary Fund for short-term loans to prevent a default, in exchange for the imposition of austerity measures. Bernardo Grinspun, the President-elect's chief economic adviser, estimates that Argentina will need at least $14 billion next year simply to meet its debt payments. During the campaign, Alfonsin promised to study the repayment agreements, but his advisers say they will not be discarded. "We are not going to conduct...