Making Common Cause with Peru

Making Common Cause with Peru ISG IN taking the oath of office as the newly- elected President of Peru on July 29, Alan Garcia Perez made a major announcement with regard to Peru's external debt. He announced that (1) Peru would like to renegotiate the outstanding of $ 14 billion external debt directly with the banks and creditors, and (2) until the negotiations for debt restructuring were completed, the country would limit its debt servicing to 10 per cent of its export earnings.