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External Debt

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.
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.
December 27, 1987 | Tad Szulc, Tad Szulc is a veteran foreign correspondent based in Washington.
Because Nicaragua has become a U.S. obsession, the Administration and Congress contribute--by omission and commission--to an alarming deterioration of long-term relations with the rest of Latin America, resulting in a growing isolation of the "colossus of the north" in the hemisphere. Last month, presidents of eight nations--including Brazil, Argentina and Mexico--gathered in Acapulco to discuss inter-American problems without U.S. presence.
January 26, 1987
The French Finance Ministry, which acts as the secretariat and spokesman for the Paris Club of western creditor nations, gave no details of the amount covered by the agreement, but Gabon's external debt currently totals around $1.2 billion. The rescheduled payments would be made over 10 years, including a four-year grace period.
The bold Latin American foreign policy initiative that President Bush embarked upon a year ago is paying big political and symbolic dividends, but it has yet to produce many tangible results, policy analysts say. Bush lauded the program this week at a Rose Garden ceremony marking its first anniversary, saying, "We've worked miracles in one year, and so let us shape a revolution in the next."
September 25, 1999 | From Bloomberg News
Ecuador has taken the stance that it doesn't matter if it defaults Tuesday on $96 million in deferred Brady bond interest, as payment wouldn't alleviate the country's swollen foreign debt--the largest in Latin America. Finance Minister Alfredo Arizaga said late Thursday that the government has completed a "menu of options" for restructuring $5.9 billion in Brady bonds and is prepared to sit down with bondholders to negotiate an easing of its external debt.
November 2, 1988 | From Reuters
Brazil and Citibank today announced completion of a historic $82-billion debt restructuring package, which will allow the nation to start drawing funds by the middle of the month. The package should enable Brazil to bring back-interest payments to commercial banks up to date and in turn boost U.S. commercial banks' fourth-quarter earnings. The loan agreement will give Brazil $5.2 billion in new loans. It also reschedules old loans and covers various short-term trade loans.
September 19, 1997 | Dow Jones
Wahlco Environmental Systems Inc. plans to offer shareholders the right to purchase common stock at a substantial discount. The offering applies to shareholders other than its majority shareholder, WES Acquisition Corp. To reduce the number of shares outstanding, the company also said Thursday that it plans a reverse stock split, subject to the approval of the New York Stock Exchange, after the rights offering. The company said shareholders will be issued eight rights for each share owned.
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