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Trade and Development Report 1993

image of Trade and Development Report 1993

The focus of the report is the functioning and interaction of all the different constituent parts of the world economy and of related dimensions of national and international policy. Special attention is given to issues of concern to developing countries. The coverage includes the movements of macroeconomic aggregates in developed and developing countries and in the economies of transition, international trade and trade policies and financial and commodity markets.

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Commercial bank debt: An assessment of the brady deals

Seven countries (Argentina, Costa Rica, Mexico, Nigeria, Philippines, Uruguay and Venezuela) have completed debt and debt service reduction agreements with commercial banks under the Brady plan launched in March 1989. The plan allows banks to choose from a menu of options, which include both debt reduction mechanisms and (usually) a facility for new lending. The principal debt reduction mechanisms are either cash buy-backs of debt - at a discount - or exchange of previous claims for new, "enhanced" instruments involving a cut in either face value (discount bonds) or interest rates (par bonds).

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