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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (22098)	8/5/2002 4:18:53 AM
From: elmatador	Read Replies (3) of 74559

O'Neil repares the damage: Uruguay wins $1.5bn US loan to support banks By Thomas Catán in Buenos Aires, Raymond Colitt in São Paulo and Edward Alden in Washington Published: August 4 2002 19:13 \| Last Updated: August 4 2002 19:13 Uruguay on Sunday received a short-term loan of up to $1.5bn from the US and imposed limited restrictions on bank withdrawals in an effort to avert a collapse of its once-vaunted financial system. The US bridge loan, which is intended to guarantee dollar-denominated short-term deposits in Uruguay against a run on the banks, came as the International Monetary Fund announced it would accelerate and increase its funding for Uruguay to help stabilise the country's financial system. The IMF, the Inter-American Development Bank and the World Bank pledged to advance $1.5bn to Uruguay immediately, and to add another $800m to bring total commitments to $3.8bn. The bridge loan, which coincided with the arrival of Paul O'Neill, US Treasury secretary, in the crisis-hit region, marks a deepening of US efforts to avert a further downturn in the region, and a shift away from the administration's hands-off approach news.ft.com

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