April 27, 1986 |
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.
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.
June 29, 1991 |
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 |
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 |
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 |
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.
February 3, 1989 |
Stabilizing exchange rates between major world currencies will permit leveling off of interest rates since inflationary pressures do not seem to be increasing, French Finance Minister Pierre Beregovoy said today. Finance ministers of the Group of Seven--the United States, West Germany, Japan, France, Britain, Italy and Canada--met Thursday and today to discuss the state of the world economy and the external debt of middle-income developing countries, such as those of Latin America.