search query: @indexterm UNDERDEVELOPED ECONOMIES / total: 366
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Author: | McDougall, R. |
Title: | Shifting sands. |
Journal: | Banker
1987 : NOV, VOL. 137:741, p. 121-123 |
Index terms: | FOREIGN DEBTS UNDERDEVELOPED ECONOMIES IMF WORLD BANK |
Language: | eng |
Abstract: | Debt swaps include everything from swaps of one sovereign debt for another to swaps for US corporate junk bonds, for perpetual floating rate notes or for investment in LDC equity under debt conversion program. The last option may work in small doses (e.g. in Chile, where about 20% of the total debt is under conversion) but it may not otherwise (e.g. Brazil). During a single year certain countries' papers lost 10-20 percent points. That type of business is still risky for banks with high exposure According to an expert, "the game of swaps is played on shifting sands." |
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