Peru about to default?
NZPA New York The Peruvian refusal to obey the International Monetary Fund’s plea for austerity, in order to pay off its debts, could create a precedent leading to a series of defaults by Third World countries, the magazine “Business Week” has said, reporting financiers’ fears. The I.M.F. is faced with its first serious test of authority as a result of Peru’s reluctance to pay debts owed to several American banking consortiums, it said. A group of Peruvian experts has arrived in Washington to negotiate a moratorium on its S4OOOM of debts with the World Bank and major banks like Citibank, Morgan Guaranty and Manufacturers Hanover, "Business Week” also said. Noting that Peru’s reserves had fallen to a mere 533.5 M it said that country was thinking of pawning part of its gold.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19770827.2.85
Bibliographic details
Press, 27 August 1977, Page 8
Word Count
136Peru about to default? Press, 27 August 1977, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.