Latin American Financial Markets Miscellaneous Essay
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At the same time, the adoption of restrictive anti-inflationary policies in the United States caused a substantial rise in the level of real interest rates, which made the servicing of foreign debt more difficult. In this context, starting in 1981, the major debtor nations began to delay capital amortization payments, which in turn caused a progressive suspension of the granting of new loans on the part of the international banking community, including refinancing.