Escaping Confrontation: Latin America’s Debt Crisis in the Late 1980s

Edmar Bacha

Chapter 3 in International Finance and Trade in a Polycentric World, 1988, pp 38-71 from Palgrave Macmillan

Abstract: Abstract The Brazilian moratorium on interest payments to banks on 20 February 1987, and the Citicorp decision to enhance its loan-loss reserves on 19 May 1987, closed a chapter on the debt drama of Latin America. With these decisions, the heaviest players in the field told the industrial countries and multilateral institutions that current collaborative arrangements were not working and that they were framing their own individual solutions to the debt-overhang problem. The institutional framework devised in 1982, which the Baker Initiative sought to rescue in 1985, was endangered. A new, more confrontational phase of the debt problem began to take shape.

Keywords: International Monetary Fund; Commercial Bank; Debt Crisis; Interest Payment; External Debt (search for similar items in EconPapers)
Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-09745-6_3

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DOI: 10.1007/978-1-349-09745-6_3

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