Word: peru
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Dates: during 2000-2009
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xxxxxxxxxxxxxxxxxxxxx rantes in June, which he would be highly favored to win. In either event, he would not take office until July 28. But for the thousands who cheered his victory, García was already Peru's President-elect...
...elected, Garcia will inherit daunting domestic challenges. Many of Peru's 19.2 million people live in appalling poverty, with an average per capita annual income of only $867. In the Andes, the army is at war with Sendero Luminoso (Shining Path), a guerrilla group that advocates a Maoist-style revolution. Be cause of fears of terrorism, 105,000 army troops and police were placed on alert on election day. A dynamite blast, blamed by police on guerrillas in the central Andes city of Huancayo, killed two children and wounded four other people. But a call by Sendero Luminoso to boycott...
...most pressing problems as President would be to deal with Peru's $ 1 4 billion foreign debt. García said last week that he intends to challenge the International Monetary Fund's debt-related fiscal restrictions on the Peruvian economy, which he described as "incongruous." In stead, he said he will seek a collective negotiation of Latin American countries' external debt. Such a course, García concedes, may not be possible. But for many Peruvians it was symbolic of their new leader's determination to explore untried avenues to turn around their country's troubled economy. -- By Marguerite Johnson. Reported...
...annual inflation rate of 3000%, stopped making payments on its $3.5 billion debt last May. The Sandinista government in Nicaragua is using at least 40% of its budget to fight its civil war and thus has no way to meet payments on its loans of $4.7 billion. Peru, which was rocked earlier this year by a violent three-week strike staged by 400,000 government workers, is $300 million behind in paying interest on its $13.5 billion debt...
...banks have not declared these countries to be in default because the lenders hope that payments will eventually resume. "A default becomes a real mess," says one New York banker. Since the debts of Bolivia, Nicaragua and Peru are relatively small and spread out among many lenders, the banks' losses on these loans have been easily offset by healthy profits in other lines of business. Bank earnings will suffer, however, if either Brazil or Argentina falls more than a few months behind in its payments...