moratorium on payments

Brazil's recent declaration of a moratorium on payments was applauded triumphantly in Havana.

When a business finds itself seriously short of cash it can often buy breathing time by approaching its creditors and asking for a moratorium on payments.

Any debt plan is expected to include an increase in collateral for loans that are now inadequately secured and a restructuring of loans or a moratorium on payments.

Hoover's proposition was to put a one-year moratorium on payments of World War I and other war debt, postponing the initial payments, as well as interest.

The two candidates are calling for a formal moratorium on payments while auditors review the debt and far more favorable terms can be negotiated - a process that could easily take a year.

The Philippine Senate approved a resolution today asking President Corazon C. Aquino to negotiate a 30-month moratorium on payments on the country's $26 billion foreign debt.

In addition, Mr. Ongpin last month extended for three months a moratorium on payments of the debt principal that had been scheduled to expire at the end of the year.

This convertibility forced an economic crisis when the United States entered its Great Depression (1929), which led to enact a new moratorium on payments on February 8, 1932.

The agency, which makes mortgage loans to low and moderate income families, can offer a moratorium on payments, or reduce the interest to as low as 1 percent, for people who have financial problems.

For its part, Olympia has been negotiating for the last few weeks with dozens of creditor banks, seeking more favorable terms, moratoriums on payments due and fresh money for completion of several projects.

Alternative Feared But banks feel more threatened by the alternative to Mr. Alfonsin - the Peronists, who have called for a moratorium on payments on Argentina's $54 billion foreign debt.

When the Buonsignori were in difficulties in 1298, the junior partners petitioned the Sienese government to intercede on behalf of the firm at the papal court and request a moratorium on payments.

The Cassons need to review each item on lease and consider whether to return it and cancel the lease, re-finance the lease on a longer term or seek a moratorium on payments.

An anti-crisis program, announced on Aug. 17 by Mr. Chernomyrdin's predecessor, Sergei Kiriyenko, included a 90-day moratorium on payments of debts owed by Russia's commercial banks to foreign lenders.

Talks with potential buyers are continuing, but KPNQwest said it had no choice but to ask the District Court of Haarlem to convert a moratorium on payments to creditors to bankruptcy proceedings.

So far, it has not been declared bankrupt, although it has obtained a moratorium on payments from the District Court of Reykjavík and has been suspended from trading in the Iceland Stock Exchange.

The other group of candidates in a very crowded field is offering the classic blueprint of Latin American development usually associated with the left: higher wages, land for the landless and at least a temporary moratorium on payments of foreign debt.

At the same time, a group of 17 governors from other Brazilian states met and said that while they would like to renegotiate their debt obligations with the central Government, they did not support the moratorium on payments by Minas Gerais.

To compensate the railroads of the country for the extra costs involved and "to cushion the process of readjustment," a moratorium on payments of interest and principal on all railroad bonds-secured and unsecured, convertible and non-convertible-was declared for a period of five years.

A united Mexican leftist party would be expected to take a strong anti-United States line, calling for a moratorium on payments on Mexico's foreign debt and a sharp curtailment of programs that would increase Mexican dependence on the United States technically and economically.

After announcing the moratorium on payments, Mr. Funaro maintained that Brazil did not need to work out a stabilization program with the International Monetary Fund and proposed instead that it negotiate changes in international financing mechanisms directly with the United States and other industrial powers.

The Paris Club, made up of 19 of the world's richest nations, said Wednesday that it was imposing a moratorium on payments from countries hit by the tsunami until the World Bank and the International Monetary Fund could assess how much it would cost for them to recover from the disaster.