As a senior officer at Citigroup, Rhodes has been at the center of international banking for the past 30 years, especially when debt restructuring was involved. In Banker to the World, he reminisces about his challenging, and sometimes harrowing, experiences, organizing the book around eight lessons that he derived from them. These include the value of prompt, decisive action and of knowing the culture, history, and customs of the people on the other side of the negotiating table. Rhodes covers the debt restructurings of Nicaragua (1980), Mexico (1982), Brazil (1983), Argentina (1992), South Korea (1998), and Uruguay (2002) and the nonrestructuring by Argentina (2001). He also recounts Citibank’s successful efforts to engage in eastern Europe after the fall of communism and to reengage in China, a market its predecessor entered in 1902. For those interested in the operational side of international finance, this is an absorbing read.
More Reviews on Economic, Social, and Environmental From This Issue