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Escaping Confrontation: Latin America’s Debt Crisis in the Late 1980s

In: International Finance and Trade in a Polycentric World

Author

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  • Edmar L. Bacha

    (Catholic University Of Rio De Janeiro)

Abstract

The Brazilian moratorium on interest payments to banks on 20 February 1987, and the Citicorp decision to enhance its loan-loss reserves on 19 May 1987, closed a chapter on the debt drama of Latin America. With these decisions, the heaviest players in the field told the industrial countries and multilateral institutions that current collaborative arrangements were not working and that they were framing their own individual solutions to the debt-overhang problem. The institutional framework devised in 1982, which the Baker Initiative sought to rescue in 1985, was endangered. A new, more confrontational phase of the debt problem began to take shape.

Suggested Citation

  • Edmar L. Bacha, 1988. "Escaping Confrontation: Latin America’s Debt Crisis in the Late 1980s," International Economic Association Series, in: Silvio Borner (ed.), International Finance and Trade in a Polycentric World, chapter 3, pages 38-71, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-09745-6_3
    DOI: 10.1007/978-1-349-09745-6_3
    as

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