Any comments?

Enrique Diaz-Alvarez enrique at
Wed Apr 12 09:16:51 PDT 2000

Brad De Long wrote:

> >
> >You default. Or threaten to do so and pay x cents on the dollar.
> As I said, the big problem is the flow, not the stock: you need money
> to pay for your current imports...
> Brad DeLong

You assume that the entities defaulting are the same ones doing the importing. Also, presumably you default before you run out of reserves. Anyway, that's the first thing the IMF tells you to do, cut imports, right?

-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 272 4808 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at Ithaca, NY 14853

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