The presidents of seven Latin American debtor nations will seek a summit with leaders of the main industrialized nations to analyze the debt problem, Brazilian officials said on Wednesday.
The seven - Argentina, Brazil, Colombia, Mexico, Peru, Uruguay and Venezuela - say they want to reduce the region's $420 billion debt to ensure economic growth and safeguard the area's young democracies.Brazilian presidential spokesman Carlos Henrique Santos said the Latin American presidents would seek a summit with the leaders of the United States, Canada, Japan, Britain, West Germany, France and Italy.
Brazil is the coordinator of the Latin American group, which last week held a meeting of finance and economy ministers in Rio de Janeiro to shape a debt-reduction plan.
The three main Third World debtors are all in Latin America - Brazil, Argentina and Mexico - together owing about $290 billion. Brazilian officials say President-elect Bush has shown that he understands the gravity of the debt crisis.
Bush said on Monday the U.S. review of the debt question would involve not only the Treasury Department but also national security officials. Bush is obliged to submit a report on Third World debt to Congress by February.
The Latin American group, which calls itself the Rio Club, has not yet given any details of its debt-reduction proposals.
Spokesman Carlos Henrique Santos said the proposals would be divulged as soon as Sarney had finished his consultations by telephone with his six colleagues.
He said only Colombia and Mexico had so far failed to communicate their stance, and both countries had promised to do so later on Wednesday.
Officials gave no indication of when the summit with the industrialized nations would be held.