Abstract

Beat the Devil
Cockburn, Alexander | October 17, 1987 issue

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Peruvian President Alan Garcia has used the money that would have drained from Peru to stimulate the economy, being fortified in this enterprise by a cadre of economists known as the Group of the Bold, who have evicted the monetarists from Pen's Treasury and Central Bank. For a time Garcia also stopped paying the World Bank when that institution was not forthcoming with new loans. Now Garcia is proposing to nationalize Peru's domestic banking industry to stop capital flight. On June 28 he announced that his government would expropriate all ten of Peru's banks, along with six finance and seventeen insurance companies.

See Also:

SAVING & investment; GARCIA, Alan; ECONOMISTS; LOANS; FINANCE; PERU
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