Archive, 1999: Chipping Away at the Debt Mountain

Archive, 1999: Chipping Away at the Debt Mountain

Cover story - LatinFinance, Number 113 by Peter Hudson On a chilly day in July, Eduardo Duhalde, presidential candidate of Argentina’s Peronist party, announced that he would call on Pope John II to urge the world’s rich countries to forgive debts owed by developing nations, including Argentina. It was an election gimmick intended to pep up his flagging presidential campaign with some old-fashioned Peronist populism. Immediately, share prices on the Buenos Aires stock exchange dropped 8.7% and the spread on Argentina’s benchmark bond widened to more than 1,000 basis points over Treasurys. Wall Street economists again began debating how long the peso’s dollar peg would last. Rumors

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