Word: latinized
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Dates: during 1980-1989
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...official: "It is a negotiating process that will run through most of the 1980s." Mexican Finance Secretary Silva Herzog last week recalled Economist John Maynard Keynes' dictum: "Men will do the rational thing, but only after exploring all other alternatives." Silva Herzog then glumly added that Latin American debtors and U.S. bankers probably have a lot of exploring ahead of them. -By Stephen Koepp. Reported by Gisela Bolte/Washington and Frederick Ungeheuer/Cartagena
...country borrowed in the late '70s. Says he: "The foreign debt's most irritating feature for the Argentines is that the money was not converted into the expansion of the economy and the creation of capital. Quite the contrary." That caustic observation could apply to nearly every Latin American country. Although their debt load has quadrupled since 1973 to $350 billion, the borrowers have tragically little to show...
...same currency-rate imbalances that made it advantageous to stock up on foreign consumer goods spurred wealthy Latins to buy property abroad and deposit their money in U.S. and foreign banks. Even as loans poured into those countries, the rich were investing their money overseas. Says Richard Mattione, a research associate at the Brookings Institution: "Individuals and firms did the very sensible thing: they moved money out of the country. It was a mistake of government policy to have such an extremely overvalued exchange rate." The exact amount of this flight capital is unknown, but experts believe that since...
President Belisario Betancur's welcome to the delegates at the Cartagena conference last week may have been a bit apocalyptic, but the substance struck a responsive chord in his audience. In declaring that Latin America's debt crisis is also the world's crisis, he pointed at the rich countries as the main villains of the drama. Added Betancur: "One of these villains, of course, is the International Monetary Fund." It is doubtful that anyone in the room disagreed with...
...contest. At first, many Citicorp executives bet on the smooth-talking Angermueller, who was more popular than the sometimes abrasive Reed and the often arrogant Theobald. Then Theobald seemed to get ahead on the basis of Citicorp's profitable foreign lending operation, which was riding high until Latin American debt problems arose in 1982. Wriston refused to drop any hints about who was in the lead. In 1982 he promoted the three in tandem to the title of vice chairman. All earned precisely the same salaries...