William H. Bolin is Vice Chairman of the Bank of America NT&SA. He has been involved in lending operations to less-developed countries over the greater part of his career, especially in Latin America. Jorge Del Canto was the Director of the Western Hemisphere Department of the International Monetary Fund from 1956 to 1977, and is currently a consultant on monetary affairs. This article represents the personal views of the authors.
Over the past year, the problem of the debt of less-developed countries has been of intense concern not only to the private banks which hold most of that debt, but to the governments of the LDCs and of the creditor countries and to the multilateral institutions that have had to play a major part in a well-coordinated initial set of measures to stem the problem and bring it gradually under control. These efforts remain of the utmost importance for the continuation of a worldwide economic recovery and for the stability and progress of the LDCs themselves.
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