Word: debtors
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...debt owed by the 15 most heavily indebted Third World nations -- about $463 billion, of which $286 billion is owed to private banks -- the unpaid IOUs piled up before the Paris Club, while substantial, seem of only secondary importance. But before they begin their own painstaking sessions with debtors, the world's major banks often wait to see how club governments will react to requests for postponed loan repayment. The club also has an important effect on the cash flow of needy governments. Unlike banks, which postpone only the repayment of principal on loans, the Paris Club will postpone...
...market enthusiasm to the issue of Third World debt. Volcker pioneered in that area by promoting concerted action by government and international authorities, along with private banks. Greenspan is more likely to applaud such market-oriented maneuvers as swapping bank loans for equity stakes in the domestic industry of debtor countries...
...during four successful years as White House chief of staff. He carried on in the same vein, altering the confrontational tone of his predecessor (and successor as chief of staff) Donald Regan. On Third World debt issues, for example, Regan had preached the hard-nosed gospel of austerity for debtor nations. Baker soon changed that with his celebrated proposal for debt relief through renewed economic growth, to be fueled in part by some $20 billion in additional loans from commercial banks...
...that move, many economics experts now think the so-called Baker Plan for developing economies is essentially dead. The Treasury Secretary, however, remains sanguine. He lauded Citicorp's debt write-off, for example, as a "positive" step. One reason: the approach reduces the likelihood of wholesale default by debtor nations...
Citicorp's bolstered reserves give the bank a cushion against a default by any of its Third World debtors. That alone, predicts the head of a U.S. banking office in Brazil, "will change the renegotiating process forever." Says he: "The idea that a debtor can threaten the international financial system with collapse and get whatever it wants just won't work anymore...