Word: debtors
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...totally new approach. The U.S. must assume leadership to avoid being overtaken by the crisis." Added Princeton University Economist Peter Kenen: "Baker has learned very quickly what the international realities are. He is going about this in a sensible way." Even so, some bankers feared that the debtors might be allowed too much freedom, which could encourage them to resume their free-spending habits. Just months ago, the three-year-old debt crisis seemed at last to be improving. Mexico, which owes $96 billion, and Venezuela, a $35 billion debtor, had persuaded bankers to stretch out many of their loans...
...debtor nations have come to realize that their people are paying a high price for fiscal prudence. Government budget cuts have led to increased unemployment and poverty, which in turn has sparked anger and unrest. Last August more than 100,000 labor union members paraded through downtown Buenos Aires to protest the government's compliance with IMF austerity measures. Read one giant banner: PEACE, BREAD, WORK AND TO HELL WITH...
...problems of debtor countries have been compounded by sluggish growth rates that cripple their ability to repay loans. The troubled nations must boost export sales to raise more money, but that has grown increasingly difficult. One hindrance has been the rise of protectionist sentiment in the industrial world. Another is the falling price of many Third World exports, ranging from coffee to copper and tin. Mexico, which depends on oil for most of its export income, has suffered a 13.5% drop in petroleum sales this year...
...wanting to ease the debt load. The potential for a massive default still hangs over the nation's banking system. In addition, the Third World's severe belt tightening has dried up a possible market for U.S.-manufactured goods. The United Auto Workers Union estimates that cutbacks by debtor nations cost 1.1 million U.S. jobs between...
Other lenders may not prove as flexible. Mexico, which ranks second only to Brazil in the developing world as a debtor, is saddled with a $96 billion foreign debt, of which $77.7 billion was lent by a consortium of 300 international banks. Last month most of those banks agreed to extend through the end of the century Mexico's repayments on $48.7 billion of the total amount due. About 30 banks, however, have yet to sign the accord, and there are concerns among bankers that the impact of the great quake may lead them to withhold their signatures even longer...