Word: latinized
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Dates: during 1980-1989
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Jose Napoleon Duarte of El Salvador and Raúl Alfonsin of Argentina, two leaders who symbolize democracy, peace and social justice for Latin America...
...troubles threatening American bankers, none is more controversial or potentially explosive than their overseas loans. Foreign borrowers, mostly governments and companies, owe U.S. banks about $350 billion. The most dangerous loans are to such economically ailing Latin American nations as Mexico, Brazil and Argentina, which collectively owe U.S. banks $59 billion and have barely managed to avoid default over the past two years...
This foreign debt is owed primarily to nine major institutions: BankAmerica in San Francisco, First Chicago and Continental Illinois in Chicago, and Citicorp, Chemical, Chase Manhattan, Manufacturers Hanover, Morgan Guaranty and Bankers Trust in New York City. Together they have $54 billion on loan to Latin America and the Caribbean. That represents a disturbing 157% of the banks' capital, which is the portion of their assets that belongs to the institutions themselves and their shareholders, rather than depositors. In a more limited way, dozens of regional banks, including Milwaukee's First Wisconsin Corp., National Bank of Detroit...
Most of the cutbacks have come from regional banks that can afford to pull out because their stakes are small. The bigger banks, by contrast, are in so deep that they have no choice but to keep on lending. If they were to demand repayment, the economies of Latin America would deteriorate and defaults might result. Rimmer de Vries, chief international economist at Morgan Guaranty, projects that U.S. bank loans to developing countries will rise by about 5% annually during the next few years...
...make his story back-lot mythic. Spartacus led his slave army out of the Cammarata hills to fight the Romans. A skeleton dug out of the rocky soil is said to have belonged to one of Hannibal's elephants. The novel's hero, Turi Guiliano, is a Latin Robin Hood who can recite the Song of Roland and the basic guerrilla manual with matching ease. When he is not slipping into Montelepre for his mother's cooking and the attractions of a young widow, Turi muses under starry skies: "He no longer doubted that he had some...