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External Debt

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OPINION
December 11, 1988 | CARLOS SANTIAGO NINO, Carlos Santiago Nino, a law professor at the University of Buenos Aires, is an adviser to the president of Argentina
The process of transition to a consolidated democratic system in Argentina has again been challenged by threats that are sequels of a dark past. Last week, small but tough groups of the army defied the authority of its chief of staff, disappointed by his lack of success in obtaining from the government satisfaction of old claims.
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CALIFORNIA | LOCAL
December 25, 1998 | ROGER M. MAHONY, Cardinal Roger M. Mahony is the archbishop of Los Angeles
Just as Central American countries were beginning to reap the rewards of peace after years of civil war and political turmoil, in a single sweep, Hurricane Mitch undid the painstaking work of decades. As the international community organizes emergency relief packages, the cancellation of the external debt of these countries must now be a priority. The case of Honduras is especially compelling.
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CALIFORNIA | LOCAL
August 17, 1992 | ALEXANDER COCKBURN, Alexander Cockburn writes for the Nation and other publications
Ten years ago almost to the day, on Aug. 20, 1982, the finance minister of Mexico announced to a group of bankers mustered in New York that his country was unable to make payments on its external debt. His audience, sitting in offices of the Federal Reserve Bank of New York, faced a financial abyss. Mexico's bankruptcy would set off a wave of similar defaults throughout Latin America. Their creditors, the large First World banks, could fail.
BUSINESS
April 9, 1991 | From Reuters
Brazil said Monday that it had struck terms with commercial banks to pay $8 billion it owes in interest, ending a two-year standoff between the Third World's biggest debtor and its commercial lenders. Acting Economy Minister Joao Maia said Brazil will pay $2 billion this year in cash. The rest will be paid through 10-year bonds. Brazil suspended interest payments on its bank debt in July, 1989, saying it had to protect its international reserves.
CALIFORNIA | LOCAL
August 17, 1992 | ALEXANDER COCKBURN, Alexander Cockburn writes for the Nation and other publications
Ten years ago almost to the day, on Aug. 20, 1982, the finance minister of Mexico announced to a group of bankers mustered in New York that his country was unable to make payments on its external debt. His audience, sitting in offices of the Federal Reserve Bank of New York, faced a financial abyss. Mexico's bankruptcy would set off a wave of similar defaults throughout Latin America. Their creditors, the large First World banks, could fail.
CALIFORNIA | LOCAL
May 1, 1987
Richard Sayre is right on with his assertion that Brazil must take a hard line on its external debt (Editorial Pages, April 17). We in the First World need to realize that it is in our interest to loosen the pressure for Brazil, and other debtor nations, to service and repay their loans. Democracy is at stake! Grave errors were committed during the big loan era of the 1970s. We showed irresponsibility by lending money to a country ruled by a repressive military regime. Because this regime did not represent the people of Brazil, it is legitimate for Brazilians to resent repayment of the loans.
CALIFORNIA | LOCAL
December 25, 1998 | ROGER M. MAHONY, Cardinal Roger M. Mahony is the archbishop of Los Angeles
Just as Central American countries were beginning to reap the rewards of peace after years of civil war and political turmoil, in a single sweep, Hurricane Mitch undid the painstaking work of decades. As the international community organizes emergency relief packages, the cancellation of the external debt of these countries must now be a priority. The case of Honduras is especially compelling.
NEWS
July 20, 1985 | United Press International
African leaders Friday adopted a program designed to help the continent recover from its economic crisis and famine through closer cooperation and agricultural reform. The 21st summit of the 50-nation Organization of African Unity moved quickly in approving the "Addis Declaration" to put the continent on a course of self-reliance.
BUSINESS
April 9, 1991 | From Reuters
Brazil said Monday that it had struck terms with commercial banks to pay $8 billion it owes in interest, ending a two-year standoff between the Third World's biggest debtor and its commercial lenders. Acting Economy Minister Joao Maia said Brazil will pay $2 billion this year in cash. The rest will be paid through 10-year bonds. Brazil suspended interest payments on its bank debt in July, 1989, saying it had to protect its international reserves.
CALIFORNIA | LOCAL
June 26, 1989 | PETER H. SMITH, Peter H. Smith is the Simon Bolivar Professor of Latin American Studies at UC San Diego. He has served as co-director of the Bilateral Commission on the Future of U.S.-Mexican Relations.
Crisis creates opportunity, according to an age-old saying, and necessity fosters invention. So it can be with Mexico's external debt of more than $100 billion. One constructive response might be a "debt-for-education" swap, analogous to the debt-for-equity swaps employed in recent years and favored once again by Treasury Secretary Nicholas Brady. The difference is that it would be used for the long-term benefit of both societies, not for the short-term gains of private investors.
OPINION
December 11, 1988 | CARLOS SANTIAGO NINO, Carlos Santiago Nino, a law professor at the University of Buenos Aires, is an adviser to the president of Argentina
The process of transition to a consolidated democratic system in Argentina has again been challenged by threats that are sequels of a dark past. Last week, small but tough groups of the army defied the authority of its chief of staff, disappointed by his lack of success in obtaining from the government satisfaction of old claims.
CALIFORNIA | LOCAL
May 5, 1987 | KEVIN DANAHER, Kevin Danaher is an Africa analyst with the Institute for Food and Development Policy in San Francisco.
On his tour of Africa last winter Secretary of State George P. Shultz advised African leaders to rely more on market forces to solve their economic problems. But Shultz may be letting ideology get the better of economics by failing to acknowledge basic facts about market forces and the roots of Africa's economic crisis. There is certainly need for reform in the economic policies of most African governments.
CALIFORNIA | LOCAL
May 5, 1987 | KEVIN DANAHER, Kevin Danaher is an Africa analyst with the Institute for Food and Development Policy in San Francisco.
On his tour of Africa last winter Secretary of State George P. Shultz advised African leaders to rely more on market forces to solve their economic problems. But Shultz may be letting ideology get the better of economics by failing to acknowledge basic facts about market forces and the roots of Africa's economic crisis. There is certainly need for reform in the economic policies of most African governments.
CALIFORNIA | LOCAL
June 26, 1989 | PETER H. SMITH, Peter H. Smith is the Simon Bolivar Professor of Latin American Studies at UC San Diego. He has served as co-director of the Bilateral Commission on the Future of U.S.-Mexican Relations.
Crisis creates opportunity, according to an age-old saying, and necessity fosters invention. So it can be with Mexico's external debt of more than $100 billion. One constructive response might be a "debt-for-education" swap, analogous to the debt-for-equity swaps employed in recent years and favored once again by Treasury Secretary Nicholas Brady. The difference is that it would be used for the long-term benefit of both societies, not for the short-term gains of private investors.
CALIFORNIA | LOCAL
May 1, 1987
Richard Sayre is right on with his assertion that Brazil must take a hard line on its external debt (Editorial Pages, April 17). We in the First World need to realize that it is in our interest to loosen the pressure for Brazil, and other debtor nations, to service and repay their loans. Democracy is at stake! Grave errors were committed during the big loan era of the 1970s. We showed irresponsibility by lending money to a country ruled by a repressive military regime. Because this regime did not represent the people of Brazil, it is legitimate for Brazilians to resent repayment of the loans.
BOOKS
April 27, 1986 | Roger E. Shields, Shields is chief international economist at Chemical Bank, New York. and
At the end of 1972, the external debt of the non-oil developing countries totaled just under $100 billion, of which only one-third was held by commercial banks. By 1982, that debt had risen to $480 billion, and the share held by the banks had increased to a little more than 50%. This huge debt increase--about 19% per year--allowed these countries to avoid for a time the effects of massive and rising trade deficits caused by sharp increases in the costs of energy imports.
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