NO. 12


Financial and Banking News

Debt Flows

Although some Countries Are Facing Big Problems

The position of some countries has deteriorated during 1993. Iran has beenforced to reschedule billions of dollars worth of trade related credits andreimpose restrictions on the opening of letters of credit since its short- termdebt burden went out of control. From $1.4bn at the end of 1988, the country'sshort-term debt to banks in the developed world rose to $7.9bn by the end...