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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: cardcounter who wrote (30950)	8/11/1998 10:19:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

CC, I will quote Walter Wriston, Chairman Emeritus of Citicorp: "Sovereign nations do not go broke." Of course they don't. They get loans from their debtors that pay the interest so banks don't have to write off the bad debt. As long as the regulators and shareholders pretend they are still making money, no problem. Unless, of course, some fool demands cash. <G> But my guess is they don't default. They get a loan that pays their interest and principal due. Then they get the IMF bailout. Then, we do it all again in a couple of years. This is known as the Mexican Hat in Hand Dance. Exactly what part of Latin America is Russia in? <G> MB