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Pastimes : Ask Mohan about the Market

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To: Jack Clarke who wrote (9664)	11/28/1997 10:45:00 AM
From: Zeev Hed	Read Replies (2) of 18056

Jack: There are two types of "Mexican Bonds", I believe those denominated in dollars and those denominated in pesos, the latter holder took a beating on the devaluation, the former got lower rates. In any event, the government debt would have been "rescheduled" (like many other sout American debt were with "Brady Bonds". It will be very difficult to let a sovereign country default completely on bonds. That happens when major social upheavals such as revolutions occur, but usually, A sovereign country has the power to tax its population to pay back (I should say "service") their debts. These rescues missions are "confidence" building measures so that holders of those countries' debt will not all pull the rag together (they come after Soros has pulled the rag, but that is another story, he usually has pretty good reasons for pulling the rags). Zeev

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