Word: latin
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Dates: during 1980-1989
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...Cambridge Rindge and Latin School, Broadway Entrance...
Such advice has often placed Sachs in a cross fire between U.S. bankers, who oppose large-scale debt forgiveness, and populist foreign critics, who resent his calls for fiscal austerity. Walter Wriston, the former chairman of Citicorp, whose Citibank unit has more than $8 billion in outstanding Latin American loans, calls Sachs "a paid flack for the countries of Latin America." Wriston argues that widespread loan write-offs would prevent Latin countries from receiving new credit. At the same time, Julio Bravo, finance secretary of the Bolivian Worker's Central Union, charges that as a result of Sachs' advice, "salaries...
Sachs, whose work in Latin America is underwritten by the United Nations, responds that "if one person can be attacked from so many directions, there hasn't been enough contact between sides" in the debt crisis. "Much of my work," he notes, "is just sitting quietly in a back room analyzing data with members of the government." Sachs did that on a 1986 trip to Bolivia, when he arrived to find that the Planning Minister had resigned and the government was ready to drop its anti-inflation program. But after examining the latest figures, Sachs argued that the program...
...same vein, Sachs believes that the Latin debt crisis will eventually ease. He considers a plan that Treasury Secretary Nicholas Brady unveiled last spring, which calls for limited debt reduction, a modest but encouraging step. "There has been a lot of progress," Sachs says. "The thinking is much more realistic...
BUSINESS: Latin America's wealth gap keeps widening...