Banker confident of reforms
NZPA-Reuter Johannesburg A Swiss banker, Fritz Leutwiler, said yesterday he was confident that the South African Government would make political reforms and said he would put forward new compromise proposals next month in a bid to solve South Africa’s foreign debt crisis.
South Africa froze repayments on SUSI 4 billion ($2B billion) of its SUS 24 billion ($4B billion) foreign debt in September after banks, alarmed at political violence in the country, cut credit lines. Mr Leutwiler is mediating between Pretoria and the creditor banks, which have been demanding apartheid reforms in negotiations on debt rescheduling. Ending a three-day visit to South Africa, Mr
Leutwiler said he would put forward a compromise proposal to solve the crisis at a meeting between the two sides to be held in London in February. “I trust that the proposals I put forward will be acceptable to both the South African authorities and all creditor banks,” he said. He gave no details of his proposals.
“What I need for my negotiations with the banks are strong and positive political signals indicating that reforms will continue,” he said.
South Africa has proposed freezing most of its foreign debt repayments until 1990, but United States banks looking for political reform rejected the proposal, New York bankers said last month.
Mr Leutwiler said that after meeting the South African President, Mr Pieter Botha, ministers, businessmen and representatives of the black, Coloured and Indian communities, he left South Africa “with the conviction that positive signals will be given in the not-too-distant future.”
He hinted they might come in President Botha’s speech at the opening of Parliament on January 31, but he said Mr Botha had not told him exactly what the developments might be. Mr Leutwiler said it was clear to everyone that apartheid had to go. “I notice positive developments have taken place already. I only hope the world will take note of this progress,” he said.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19860114.2.70.12
Bibliographic details
Press, 14 January 1986, Page 6
Word Count
324Banker confident of reforms Press, 14 January 1986, Page 6
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.