For Larry Summers, Deputy Secretary of the US Treasury, the first two months of 1995 passed as a blur of tense cross-border telephone calls, White House briefings and Capitol Hill negotiations. “(Mexican Finance Minister) Guillermo Ortiz and I spent so much time together that we came to recognize not just our wives’ voices but also our children’s voices,” said Summers, a key architect of the $50 billion rescue package that saved the Mexican economy. Summers’ role in the saga earned him LatinFinance’s 1996 Man of the Year title
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Man of the Year- On the Brink pt2
For Larry Summers, Deputy Secretary of the US Treasury, the first two months of 1995 passed as a blur of tense cross-border telephone calls, White House briefings and Capitol Hill negotiations. “(Mexican Finance Minister) Guillermo Ortiz and I spent so much time together that we came to recognize not just our wives’ voices but also our children’s voices,” said Summers, a key architect of the $50 billion rescue package that saved the Mexican economy. Summers’ role in the saga earned him LatinFinance’s 1996 Man of the Year title.
March 1996
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Archive, 1995: Man of the Year: Fernando Henrique Cardoso
The year 1994 was a chaotic one for Latin American financial markets. Rising US interest rates, plunging global bond markets and regional difficulties in countries such as Mexico and Venezuela put a tight clamp on capital flows to the region
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Archive, 1995: Easing the Crunch
The year 1995 promises to be a difficult one for Mexico. Government, banks and corporations now face a number of challenges. Astronomical domestic interest rates and severely restricted capital inflows point to a serious recession in 1995, with effects to be felt throughout the Mexican economy
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Easing the Crunch pt2
The year 1995 promises to be a difficult one for Mexico. Government, banks and corporations now face a number of challenges. Astronomical domestic interest rates and severely restricted capital inflows point to a serious recession in 1995, with effects to be felt throughout the Mexican economy
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A New Home Base
In just three years Electricidade de Portugal (EdP) has built up more clients in Brazil than in its home market. The company’s expansion into Brazil began shortly before its privatization in 1997. Today EdP, which is 51% owned by the Portuguese government, has around 5.6 million clients in four Brazilian states – Rio de Janeiro, […]
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New Man at Brazilian Central Bank
New Man at Brazilian Central BankIlan Goldfajn is the new head of research at the Central Bank of Brazil, replacing Sérgio Werlang, who quit unexpectedly in August. The markets were impressed at the speed with which Armínio Fraga, the central bank president, found a high-caliber name to succeed Werlang. Fraga has assembled one of the […]
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Archive, 1993: Fujimori on Peru
Peruvian President Alberto Fujimori has established his country’s economy by cutting inflation from 7,600% in 1990 to 57% last year and trimming public sector deficit to 2.5% of GDP in 1992 from 6.5% in 1990. In March, Peru took a big step toward regaining its international financial composure by wiping away over $1.7 billion of arrears to the World Bank and the IMF. The IMF responded by authorizing Peru to draw a $1.4 billion credit over three years, with about $136 million to be channeled towards reducing the country’s commercial bank debt. The credit will support Peru’s economic program.
The President graciously delivered closing remarks at a recent LatinFinance conference held in Lima. Later, he answered some questions from Katherine Conradt concerning the country’s capital markets
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Archive, 1992: Betting on Collor
The events leading up to the President’s ouster had varied impacts on Brazilian markets and debt