Word: parody
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Dates: during 1980-1989
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...were wrong--those who lended and those who received, but there is a feeling that it is the fault of the borrowers," said Parodi, who was a top administrator in Ecuador's oil industry...
...Parodi, who spoke through a translator, said that while the Ecuadoran government wishes to repay all its loans, it cannot act "ignoring all other conditions, because paying back all debts involves hurting those in the country who are the most impoverished...
...trained engineer who served as president ofthe Escuela Superior Politecnica del Litoral inthe early 1970s. Parodi said that Ecuador mustnegotiate alternative repayment methods to avoidthrowing its budget into disarray and slashingsocial spending...
...Parodi suggested that bankers allow his countryto pay back its debt at "secondary market rates,"which range as low as 15 percent of the value oforiginal loans. The drastically lower ratesreflect Ecuador's actual ability to pay, as wellas market rates for problem loans that lenderstransfer among themselves, Parodi said...
...forum, Parodi said he hasdoubts about the interests of banks in general."My suspicion is that the bankers don't want us torepay the debt. They want us to service it--thatis their business," he said