Latin Debt: Giving a Big Borrower a Break

When ministers from eleven debt-ridden Latin American nations met last June in Cartagena, Colombia, they called on bankers to lower interest rates and relax repayment terms on the region's $350 billion in foreign borrowing. Last week a committee of 13 large lenders agreed to grant such key concessions to Mexico. In a major breakthrough in the relations between bankers and their Latin borrowers, the creditors' group decided to allow Mexico to retire nearly half of its $95 billion in debt over 14 years instead of the originally scheduled six. The committee, led by Citibank Senior...

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