Loan Agreements Between Developing Countries and Foreign Commercial Banks -- Reflections on Some Legal and Economic Issues

This article is included in the symposium entitled: Refinancing of Third World Debt. The third world loans of the American banks are still the most controversial and most worrying part of their international business, even if the wilder fears expressed earlier in 1976 have been discredited. Or to put it more properly, the experience has not been good, but international banks seem so far to have had sound shock absorbers.