Word: grinspun
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Dates: during 1980-1989
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...accord ended a precarious situation that had bankers and politicians in both Washington and Buenos Aires holding their breath whenever interest payments came due. For months Argentine Economy Minister Bernardo Grinspun has been shuttling between New York City, Washington and Buenos Aires. Default was avoided twice this year by partial payments or assistance from Argentina's Latin American neighbors. Meanwhile, the country's economy kept deteriorating. Inflation reached an annual rate of 1,200%, and labor unions were pressing for ever higher wages...
...arrangement announced last week by Grinspun at the joint annual meeting of the World Bank and the IMF, Argentina pledged to clamp down on its money supply and credit, push up interest rates (currently 15.5% for deposits) in order to encourage savings, slow inflation, and stem the outflow of money from the country. Argentina also said it would try to chop the deficit in the biggest areas of public-sector spending from its level of 11.4% of gross domestic product in 1983, to 8.1% this year and down to 5.4% in 1985. In addition, Argentina indicated that it will take...
...board gives final approval to the deal worked out last week. That will give Argentina time to begin putting the austerity program in place, thus demonstrating its good intentions to the IMF. The agreement, the government hopes, will lead to a flow of new loans from U.S. banks. Grinspun and Alfonsín have reportedly asked for $5.5 billion in fresh borrowing, but the banks so far have promised only $2.5 billion...
...after Argentina worked out the arrangement with the IMF, Grinspun and Alfonsín were in New York City, pressing their case before a few powerful bankers at a luncheon given by former Secretary of State Henry Kissinger. IMF Managing Director Jacques de Larosière has also been helping Argentina by telling the banks that the IMF will not come through with its money unless the banks come up with theirs...
...Even as Grinspun arrived in New York early in the week, U.S. bankers made Argentina's troubles worse by raising the prime interest rate from 12.5% to 13%. The move was brought on by the higher borrowing costs that banks are paying in the U.S., but among the main victims were foreign debtors. At least half of all credit to Latin America is tied to the prime rate, and every percentage point rise adds $1.2 billion annually to the debtors' burden. Said Raymond Dalio of Bridgewater Associates, a Connecticut-based economic consultant: "The timing in the political sense...