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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Jack Clarke who wrote (9664)	11/28/1997 10:45:00 AM
From: Zeev Hed	Read Replies (2) \| Respond to 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

To: Jack Clarke who wrote (9664)	11/28/1997 6:22:00 PM
From: Monty Lenard	Read Replies (1) \| Respond to of 18056

Jack, I have to agree with your simplistic view 100%! As an accountant sometimes I get lost in all the details. When this happens I stand back and look at the FOREST and not the TREES. I think this forest is on fire and no one wants to admit that the stuff drifting above the trees is smoke. IMHO, using the principle of "SUBSTANCE VS FORM", this whole business is a sham! I believe it was Soros that said "Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the tend whose premise is false, ride the trend, and step off before it is discredited." TCLAUDE