PARIAH PERU REFUSES TO WORRY
A stock market boom is a strange reaction to being blackballed by the International Monetary Fund. But that’s what happened in Peru. The Lima Stock Exchange index has more than doubled since the Peruvian President, Alan Garcia, decreed that he would use only 10% of his country’s export revenues to pay its debts.
The International Monetary Fund, which likes to think of itself as a prime creditor, came off particularly badly. By the middle of August Peru owed it arrears of $182 million.
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