Peru extended its freeze on dollar accounts.
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Peruvian President Alan Garcia extended the freeze six more months in reaction to last week’s tightening of credit to Peru by the U.S. Interagency Country Exposure Review Committee. That group’s action came because Peru is seriously delinquent in payments on its $14-billion foreign debt. Garcia froze the accounts for 90 days shortly after he took office July 28 and announced that he was limiting payments on the country’s foreign debt to 10% of export earnings.
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