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Adding an Edge to Peru

Dec 1, 2001

Mirko Stiglich, a young banker with skills honed in the international markets, has returned home to revive Peru's catatonic capital markets and help integrate the country into the world's financial system.

Mirko Stiglich

Most people working in Latin American government treasuries and central banks are middle-aged career bureaucrats or academics with little actual market-based experience.

Mirko Stiglich, Peru's new debt adviser, is just the opposite. He is young - just 30 years old - and has spent all of his short career in the private sector.

Drafted into public service by Finance Minister Pedro-Pablo Kuczynski, Stiglich has grand plans to inject Peru into the world's financial system and start laying the foundations for a local capital market. Stiglich is starting just about from scratch. Peru has no local currency fixed income market to speak of and the government has not issued an international bond for more than 70 years.

Indeed, with big issuers like Argentina and Brazil out of the market and Mexico no longer borrowing substantially, Wall Street is hungrily eyeing second-tier countries like Peru. In normal circumstances, investment bankers would...

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