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Strategies & Market Trends : Argentine stocks

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To: Tom who wrote (101)	9/22/1998 9:17:00 PM
From: Tom	Read Replies (1) of 331

IMF News --------------------------------------------------------------------- IMF Seeks Chapter 11-style Provision for Financially Strapped Countries The International Monetary Fund (IMF) has suggested a Chapter 11 style of bankruptcy provision for financially troubled countries as the world's currency markets continue to shift heavily, New Zealand's The Press reported. IMF Managing Director Michel Camdessus said member governments are considering a proposal that would give the IMF power to freeze bond issues temporarily, pending negotiations between debtors and creditors. The proposal, modeled on Chapter 11 of the Bankruptcy Code, is intended to reduce default risk by encouraging creditors and borrowers to make a deal before a default occurs. --------------------------------------------------------------------- I wonder what prompted this proposal, which essentially reads: "Freeze bond issues" as a means of leveraging the co-operation of the debtor state. The IMF is seeking to restrict access to global capital sources by enlisting the participation of major creditor nations in the proposed action. Note, also, that there is no mention of a requirement that such action be pursuant to the debtor's enlistment of IMF assistance. IMO.

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