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Overcoming Developing Country Debt Crises$
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Barry Herman, José Antonio Ocampo, and Shari Spiegel

Print publication date: 2010

Print ISBN-13: 9780199578788

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199578788.001.0001

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The 1980s Crisis in Syndicated Bank Lending to Sovereigns and the Sequence of Mechanisms to Fix it

The 1980s Crisis in Syndicated Bank Lending to Sovereigns and the Sequence of Mechanisms to Fix it

Chapter:
(p.111) 5 The 1980s Crisis in Syndicated Bank Lending to Sovereigns and the Sequence of Mechanisms to Fix it
Source:
Overcoming Developing Country Debt Crises
Author(s):

Luis Jorge Garay Salamanca

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199578788.003.0005

This chapter looks back to the 1980s and at how the international community addressed the debt crises of countries that were primarily indebted to international commercial banks. It describes how the initial policy, which emphasized concerted refinancing of obligations as they fell due, was superseded in 1985 by the ‘Baker Plan’, which sought multi‐year relief packages and focused on fifteen countries in which the major banks had large exposures. The delayed recovery of the debt‐servicing capacity of the debtor countries was no longer ascribed to the global recession of the early 1980s, but to the ‘structural’ problems of the debtor countries. This now required greater World Bank involvement, ‘structural adjustment’ lending, and longer‐term debt rescheduling. However, economic recovery resisted these efforts too.

Keywords:   international bank financing, commercial bank debt, Brady Initiative

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