The inaugural address delivered last week by Alan García Pérez, Peru's new President, was more than an impassioned speech to his people. It was a blunt message to the foreign banks and governments that have loaned Peru money. Determined and defiant, García vowed to renegotiate Peru's $13.7 billion debt during the next twelve months, and said that while doing so he would devote no more than 10% of his country's export earnings to making interest payments.
Since Peru's exports may bring in only $3 billion this year, 10% of that total would cover less than one-third of the $ 1.1 billion...
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