International records / Foreign Relations of the United States

233. Memorandum From the Assistant Secretary of the Treasury for International Affairs ( Mulford ) to Secretary of the Treasury Baker

their margin for maneuver and which could give rise to unilateral actions to limit debt service. Such actions by these two major debtors would necessarily set the tone for other debtor countries. Both these nations and the Philippines, Ivory Coast, Nigeria, and Ecuador are expected to seek new money and/or additional debt relief from banks during the first half of 1988. Brazil . Under the interim agreement, Brazil and commercial banks have until January 15 to agree on a term sheet. The two sides remain apart on many difficult issues: the link between commercial bank disbursements and the IMF; …