Few subjects infuriate Argentine President Raúl Alfonsín more than what happened to the billions of dollars his country borrowed in the late '70s. Says he: "The foreign debt's most irritating feature for the Argentines is that the money was not converted into the expansion of the economy and the creation of capital. Quite the contrary." That caustic observation could apply to nearly every Latin American country. Although their debt load has quadrupled since 1973 to $350 billion, the borrowers have tragically little to show for it.
The most productive loans were for development projects...
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