Word: latinized
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...Colombia, to devise a strategy for getting concessions from the banks, most of them maintained a conciliatory tone and rejected the idea of a cartel. Said Chilean Economy Minister Modesto Collados: "Each country is different. To negotiate in a club makes no sense at all." But the depth of Latin restiveness could hardly be concealed. In his opening speech, President Betancur compared Latin America's financial burden to the crushing debt and reparations problems after World War I, which helped wreck the international economy in the 1930s and laid the foundation for World War II. Said...
...groups. One will try to arrange talks with private banks and institutions like the International Monetary Fund (see following story). The debtors will tell them that the conditions set by the IMF for new loans should be aimed at fostering continued economic growth rather than austerity. The Latin Americans also agreed to propose a working group in the World Bank to deal with the global aspects of the debt crisis. The ministers plan to meet again just before next fall's IMF meeting. The next session will be held in Buenos Aires, which will put hard-lining Argentina...
Despite last week's meeting, the Latin American countries do not form a united and cohesive bloc. While the two heaviest debtors, Brazil ($93.1 billion) and Mexico ($89.8 billion), have taken drastic measures to rein in their runaway economies, Argentina ($45.3 billion) is still a maverick. Two weeks ago, Argentine President Raúl Alfonsín rejected an IMF austerity demand for cuts in wages and government spending, which was designed to curb his country's 568% inflation rate. Alfonsín sent the IMF a plan that promised workers 6% to 8% wage increases...
Argentina's complaints about the tough IMF measures failed to earn the country much sympathy last week from Latin neighbors. The nation drew criticism from Colombian Finance Minister Edgar Gutiérrez Castro, whose government lent Argentina $50 million last March. Bankers and international officials attack Argentina's stance as an act of political bravura. Says a World Bank economist: "They are handling the debt the way they were handling the Falklands war. They see themselves as the center of the universe...
...They see the debt shock as a political issue in which the governments of the developed countries should be helping out those of the Third World. As a sign of their intention to raise the level of debate, delegations last week included foreign ministers in addition to finance ministers. Latin leaders point out that largely because of interest payments, their financial resources are being drained away to countries like the U.S. at the rate of about $30 billion a year. This has become a kind of reverse foreign aid with the poor giving to the rich. The situation has brought...